Today, President George W. Bush sent his tax cut proposal to Congress. With record federal budget surpluses and a slowing economy, this is the perfect opportunity for a tax cut. Texas Citizens for a Sound Economy commends the President for introducing a fair and balanced tax bill, and supports its passage.
President Bush’s plan is compromised of several key components. First, it will cut taxes by $1.6 trillion over the next ten years, which is only 5.2% percent of total revenue projected over the ten year period. Second, it provides across the board tax relief, so everyone who pays taxes will receive relief.
The President’s proposal will also eliminate the Death Tax and reduce the burden of Marriage Penalty. In the last Congress, bills eliminating both of these taxes passed with bipartisan support, only to be vetoed by President Clinton. But under President Bush’s tax cut package these unfair and unnecessary taxes will finally be eliminated.
For a generation, the American people have waited for a major tax cut. Since President Reagan signed his tax cut into law in 1981, there have been five major tax increases. The most recent being President Clinton’s 1993 tax increase, which was the largest in American history.
CSE has taken a steadfast position that tax cuts, especially reductions in marginal rates, are the best way to create economic growth and prosperity. President Bush’s tax cut proposal is a good first step toward reforming the tax code and providing the American people the tax relief they deserve.