FOR IMMEDIATE RELEASE
September 23, 2004
CONTACT: Kevin Schweers
SENATE EXTENDS TAX RELIEF TO HELP FAMILIES
Includes Marriage Penalty, Child Tax Credit, and Standard Deduction
WASHINGTON, DC -- U.S. Sen. Kay Bailey Hutchison (R-TX) today praised extension of tax relief for married couples and families, saying it would "help keep more money in the hands of American families and boost the economy."
"The tax relief enacted last year is fueling the economy. Consumer confidence is rising, jobs are being created, and families are more financially secure," Sen. Hutchison said.
The tax relief package, which has received final approval from the House and Senate, will now go to President Bush for his signature. It contains key provisions to reduce the marriage penalty, for which Sen. Hutchison has led the fight. These changes will ensure key provisions of the 2001 and 2003 tax cuts will continue through 2010. The legislation will:
- Extends marriage penalty tax relief.
- Ensures tax breaks for families by continuing the $1,000 child tax credit.
- Maintain the expanded 10% income bracket.
- Increases the child credit for military families by allowing them to include tax-free combat pay when calculating their refundable child credit.
"Marriage penalty relief is simply about tax fairness. Getting married should not lead directly to a tax hike," Sen. Hutchison said. "Congress took a major step to correct these inequities, but we cannot be satisfied. This legislation will protect married couples through 2010. We must make these changes permanent."
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