Mr. SAM JOHNSON of Texas. Mr. Speaker, each year, billions of U.S. taxpayer dollars are wasted due to abuse of the $1,000 refundable child tax credit. Instead of hitting up taxpayers for even more taxes, Washington needs to go after these billions of dollars that are fraudulently wasted.
It's time to end this sham. That's why I have reintroduced commonsense legislation, H.R. 556, that stops this abuse by requiring tax filers to provide their Social Security number in order to receive this tax credit, just like we do for the Earned Income Tax Credit.
Congress' nonpartisan tax scorekeeper, the Joint Committee on Taxation, has found that my bill would save taxpayers an estimated $24.4 billion over the next 10 years. With the dire need to get our fiscal house in order, this simple, commonsense fix can go a long way toward protecting precious taxpayer dollars by stamping out waste, fraud, and abuse. It's time to get this done.