Yes, that's correct. The refundability just brings us down a little bit through the income spectrum, but it doesn't overcome the fact that the majority of the benefits still accrue to high-income households, and the households claiming the maximum amount of that tax credit are all high-income households. It lessens the regressivity slightly, but it doesn't eliminate the regressivity. It doesn't make it progressive by making it refundable.
On November 17th, 2014. See this statement in context.