|HSLDA News||May 27, 2003|
Congress Passes Pro-family Tax Cut
On May 23, the United States Senate joined with the U.S. House of Representatives and voted to pass a $350 billion tax cut package. The bill now goes to President Bush for his signature.
President Bush originally requested this year's tax cut bill in order to boost America's lagging economy. The bill's trip through Congress has been a tense one, fraught with controversy among Senators and Representatives. Friday's Senate vote required Vice President Dick Cheney to break a tie.
The final version of the bill retains the pro-family provisions that Home School Legal Defense Association supports. These include the increase in the child tax credit to $1,000 (from $600) and the elimination of the marriage penalty. Due to the accounting methods applied by Congress, the child tax credit drops to $700 in 2005, increases to $800 in 2009 and returns to $1,000 in 2010.
The tax cut also maintains the investment tax incentives passed by the House, including the reduction of capital gains taxes for both high and low income earners. The final bill also lowers dividend taxes.
The tax cut is a significant achievement for President Bush, and HSLDA applauds the President for advocating a large pro-family tax cut.
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