FOR IMMEDIATE RELEASE
March 12, 2003
CONTACT: Kevin Schweers
SENATOR HUTCHISON CALLS FOR ACTION ON ECONOMIC STIMULUS PLAN
WASHINGTON, DC -- Saying it’s “time we act to boost our economy,” U.S. Senator Kay Bailey Hutchison (R-TX), joined by Treasury Secretary John Snow and Commerce Secretary Don Evans, today urged the enactment of President Bush’s economic stimulus plan.
“Allowing Americans to keep more of their own money by lowering taxes on dividends and accelerating relief from the marriage tax penalty is the stimulus we need now,” Senator Hutchison said. “The president’s proposal will create jobs and give the economy and stock market a much-needed jolt.”
Senator Hutchison has introduced three bills to reduce taxes on corporate dividends, which are currently taxed at the higher personal income tax rates. The first bill would completely eliminate taxes on dividends. The second bill would reduce the tax on dividends to the capital gains rate. The third bill would lower the tax to the capital gains rate on dividends and interest income.
Senator Hutchison also introduced legislation in January to make marriage penalty relief permanent and effective immediately.
“Taxing couples for saying ‘I do’ is wrong today and wrong ten years from now,” Senator Hutchison said. “Our plan would give millions of couples relief from the marriage penalty right away.”
According to the Council of Economic Advisors, the president’s growth package will create 1.4 million jobs over the first 18 months following passage. The dividend tax cut alone would create 431,000 jobs.
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