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House Promotes Economic Opportunity by Passing
Permanent Tax Relief

For Immediate Release. April 19, 2002The 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.

Extremely important 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.

“The 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.”

For Interviews Contact:

Joel P. Rutkowski, P.h.D.
President, The American Voice Institute Of Public Policy
757-436-5927
jrutkowski@americanvoiceinstitute.org

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