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Indicates Matter Stricken
Indicates New Matter
March 24, 2004
S. Printed 3/24/04--S. [SEC 3/25/04 5:28 PM]
Read the first time February 5, 2004.
To whom was referred a Concurrent Resolution (S. 923) memorializing the Congress of the United States to make the federal tax cuts, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
WILLIAM MESCHER for Committee.
MEMORIALIZING THE CONGRESS OF THE UNITED STATES TO MAKE THE FEDERAL TAX CUTS 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-credit rebate 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, expiration of the existing tax cuts will result in the largest tax increase in American history and stifle economic growth; 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 Senate, the House of Representatives concurring:
That the members of the General Assembly, by this resolution, memorialize the Congress of the United States to make the federal tax cuts permanent.
Be it further resolved that a copy of this resolution be transmitted to the President of the Senate, the Speaker of the House of Representatives' and the members of this state's federal congressional delegation.
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