South Carolina General Assembly
115th Session, 2003-2004

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Bill 4483

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COMMITTEE REPORT

January 20, 2004

H. 4483

Introduced by Reps. W.D. Smith and Wilkins

S. Printed 1/20/04--H.

Read the first time January 13, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a House Resolution (H. 4483) to memorialize the Congress of the United States to enact legislation to make the federal tax cuts proposed by President Bush and enacted by Congress, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A HOUSE RESOLUTION

TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ENACT LEGISLATION TO MAKE THE FEDERAL TAX CUTS PROPOSED BY PRESIDENT BUSH AND ENACTED BY CONGRESS SINCE 2001 PERMANENT.

Whereas, each year President Bush has proposed and Congress has enacted a tax cut designed to strengthen the American economy and increase employment opportunities for working families; and

Whereas, tax cuts signed into law reduced income taxes for all taxpayers, eliminated the marriage penalty and death tax, increased the child credit rebate and business expensing, expanded individual retirement accounts, and cut the double taxation of dividends and capital gains; and

Whereas, economic growth stemming from the latest tax cut accelerated at its fastest rate in twenty years in the third quarter of 2003; and

Whereas, provisions set forth in the tax cut are set to expire starting in 2005 and will be completely phased out by the year 2012; and

Whereas, expiration of the existing tax cuts will increase taxes by fifty percent for lower income families, the child tax credit will fall by fifty percent, the marriage penalty will be reinstated, education savings will be taxed, retirement savings will shrink, and every taxpayer will face an income tax increase; and

Whereas, without making the existing tax cuts permanent, American taxpayers will face the largest tax increase in United States' history and stifle economic growth. The Economic Growth and Tax Relief Act of 2001 reduced marginal tax rates, expanded the per child tax credit, reduced the marriage penalty tax, and reduced and eliminated the death tax. The 2002 bill allowed businesses to expense the first thirty percent of business investment, and the 2003 Jobs and Growth Tax Relief Act of 2003 accelerated the individual income tax rates and cut the taxation on individual capital gains and dividend distribution to fifteen percent; and

Whereas, making all the tax cuts permanent will allow taxpayers to feel more confident investing in their child's college education or saving for retirement, all while ensuring increased economic growth. Now, therefore,

Be it resolved by the House of Representatives:

That the members of the House of Representatives of the State of South Carolina, by this resolution, memorialize the Congress of the United States to enact legislation to make the federal tax cuts proposed by President Bush and enacted by Congress since 2001 permanent.

Be it further resolved that a copy of this resolution be forwarded to

the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, and each member of the South Carolina Congressional Delegation.

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