Promotes Economic Opportunity by Passing
Permanent Tax Relief
For Immediate Release.
April 19, 2002 The
House of Representatives should be lauded for their efforts in rescinding
the unfair “arcane” Congressional rule that limits tax relief to 10
years and would have invalidated President Bush’s 1.35 trillion tax
relief package in 2010.
Also, the measure allows
for greater deductibility of student-loan interest, eliminates the death
and gift taxes, increases the limits for Individual Retirement Account
(IRA) contributions from $2,000 to $5,000, eliminates the “marriage
penalty” that causes married couples filing a return jointly to pay
more in taxes than if they were living together unmarried and filing
separately, and raised the child tax credit from $500 to $1,000.
for working Americans is permanent tax relief.
Currently taxes exceed the cost of food, clothing, shelter, and
transportation combined for the average household. Too much of the prosperity produced by the American private sector
is taken by the government and
wasted on inefficient and wasteful federal bureaucracies.
purpose of the President’s tax cut was to leave more money for those
who earn it as well as to eliminate or reduce the current tax code’s
penalties on work, savings, investment, risk-taking and entrepreneurship,”
said Dr. Joel P. Rutkowski, president of the American Voice Institute
of Public Policy. “Such tax policy creates an economic environment
that promotes more opportunity for the creation of wealth especially
in a time of economic uncertainty as American workers continue to lose
their jobs weekly.”
Joel P. Rutkowski, P.h.D.
President, The American Voice Institute Of Public Policy
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