Tax Relief
Congresswoman Shelley Moore Capito, June 7, 2002
One year ago, President Bush signed a $1.35 trillion tax relief plan that places the money of many hard working West Virginians back in their pockets and into our economy.
Whether it's the new shoes for the kids, the monthly grocery bill, or additional payments to pay off a credit card bill, this tax relief plan produces real benefits.
Allowing taxpayers to keep more of what they earn gives them the freedom to spend money on what their family needs and, at the same time, pumps more money back into the economy.
The plan provides taxpayers with across the board rate reductions in individual tax rates, increases in tax credits for families such as the child tax credit, the adoption tax credit and the dependent care tax credit, and the repeal of unfair taxes such as the death tax and the marriage penalty tax.
Nearly 750,000 West Virginians filed federal income tax returns last year. Of those tax payers:
497,000 received rebate checks last summer and fall totaling $213 million
137,000 married couples were spared the grossly unfair marriage tax penalty.
And West Virginia parents kept more of their earning for each child as the child tax credit was increased.
Married couples, parents and hard working West Virginians all receive tax relief under this plan, both now and in the future.
The $213 million that was pumped back into our state through rebate checks was a sizeable boost to our state's economy and the family paycheck.
West Virginia's median family income is just over $27,000. An average family earning this amount would benefit the most under this tax relief plan as their individual tax rate is reduced from 15% to 10%.
Increasing the child tax credit will help parents better provide for the needs of their families, including savings for a college education.
Repealing the death tax will allow our small business owners and our farmers to continue to prosper instead of worrying that the government will come and take half of everything they've worked for once they die.
And repealing the marriage tax penalty finally corrects a grossly unfair rule in the tax code that places a larger tax burden on those couples who are married than those who live together. No longer will married couples have to pay more simply because they are married.
Today should be a celebration of the first full year of meaningful tax relief that is helping countless West Virginians provide for their families, educate their children and plan for their retirements.
One year and many more to come.
Shelley Moore Capito, a Republican, represents West Virginia's Second Congressional District.
© 2002
TruthNews. All Rights Reserved.
|