Tax Relief: What Is The Head Of Our Nation Saying

The quote:

"These are the basic ideas that guide my tax policy: lower income taxes for all, with the greatest help for those most in need. Everyone who pays income taxes benefits - while the highest percentage tax cuts go to the lowest income Americans. I believe this is a formula for continuing the prosperity we've enjoyed, but also expanding it in ways we have yet to discover. It is an economics of inclusion. It is the agenda of a government that knows its limits and shows its heart."
— President George W. Bush


Of course, the proof is in the pudding, as they say. The President can say what he wants, but his tax relief plan must leave the pages of his speech and enter into the pocketbooks of all Americans, especially the lower and middle-income groups. With the threat of a recession (and is it still just a threat?), and a drastically sluggish economy in the past year, it is fitting to give said economy a boost by putting more disposable income into the hands of business owners and consumers. The White House has declared it “a bold and fair” tax relief plan, but the boldness and fairness will only truly be fitting adjectives if the plan is actually executed.

Here’s an overview of President Bush’s tax relief plan:

— Getting rid of the death tax
— Lowering the matrimonial penalty: the 10% deduction for two-earner couples will be restored
— Replace the current tax rates with a simplified scheme
— Doubling the child tax credit to $1000 per child
— Applying the child tax credit to the Alternative Minimum Tax (AMT)
— Expand the charitable deduction to non-itemizers
— The Research and Experimentation tax credit will be permanent

If this tax plan comes to pass, we can look forward to more Americans becoming prosperous and those that are already prosperous will remain so.

By: N.F.Centeno

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