Today, the U.S. House of Representatives approved legislation to provide across the board tax relief to the American taxpayer. Since the federal government will be operating with a five trillion-dollar surplus over the next ten years, the American taxpayer deserves an across the board tax cut and the Economic Growth and Tax Relief Act will provide this remedy. A new 12 percent rate would apply retroactively to the beginning of 2001 and also for 2002. In accordance with the President s income tax rate reductions, the measure reduces other income tax rates and consolidates rate brackets. Begins to address the growing problem of the alternative minimum tax by repealing the current-law provisions that offset the refundable child credit and earned income credit by the amount of the alternative minimum tax.
Federal taxes are the highest they have ever been during peacetime.
With passage of the Economic Growth and Tax Relief Act, the House of Representatives has made a positive step toward relieving the American taxpayer of their oppressive tax burden.