FOR IMMEDIATE RELEASE
March 5, 2004
CONTACT: Kevin Schweers
SENATOR HUTCHISON LAUDS INCLUSION OF
MARRIAGE PENALTY RELIEF IN 2005 BUDGET PLAN
Committee-Passed Budget Includes Tax Cut
WASHINGTON, DC -- Calling it "another step toward eliminating the ‘I do' tax," U.S. Senator Kay Bailey Hutchison today praised the 2005 Senate budget, which extends marriage penalty relief scheduled to expire at year's end. The Budget Committee included provisions to protect this relief from delaying tactics and extraneous amendments once it is considered on the Senate floor.
"Last year's tax relief was a major victory, extending full relief from the marriage penalty through this year," Sen. Hutchison said. "But without action soon, those gains could disappear and married couples could see their taxes go up next year."
The 2001 tax relief bill included Senator Hutchison's provision to repeal the marriage penalty and the 2003 tax cuts expedited that relief. Unfortunately, in 2005, married couples would again be penalized. Senator Hutchison has introduced legislation to make the relief permanent and, earlier this year, introduced a bill to extend it in the meantime.
"I'm pleased this relief is part of the 2005 budget," Sen. Hutchison said. "Americans should be able to rely on a consistent and fair tax structure. This provision will enable working families to keep more of their hard-earned money and help fuel economic growth and job creation."
By including marriage penalty relief in its reconciliation instructions, the Senate Budget Committee has ensured an expedited process for making this important change to the tax laws. The budget will ensure the 15 percent tax bracket and standard deduction for married couples filing jointly is twice the size as those for single filers. This measure is expected to save taxpayers $16.7 billion from 2005-2009.
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