House Approves All American Tax Relief Act
June 12, 2003
WASHINGTON, DC - Congressman David Dreier (R-CA), Chairman of the House Rules Committee,
voted today to approve legislation that will provide much needed tax relief to working American families, members of the military and their families, and families of astronauts that die while on missions. H.R. 1308, the All American Tax Relief Act of 2003, was approved 224-201.
"The bill passed by the House today will help boost our economy by putting more money in the pockets of America's working families," Dreier said. "The child tax credit should stay on the books because it helps children and it helps families. The money these families receive from the child tax credit often goes to school supplies or college tuition. That's worth keeping around."
According to an analysis prepared by Salary.com, under the legislation approved today, a married couple with three children in Los Angeles working as a Nurse Practitioner and a School Principal with a combined salary of $146,572 would now be eligible for a child tax credit of up to $3000. Under current law, that same couple is eligible for only $1,150.
Dreier pointed to this as real relief for real people. "Working families are the engine of our economy. We need to help them any way we can. Passage of this legislation will do just that."
H.R. 1308 would:
- ensure that the child tax credit stays at the $1,000 level through 2010, providing $57.3 billion in tax relief over 11 years;
- eliminate the marriage penalty in the child credit by raising the phase-out threshold for married couples to $150,000 from $110,000, providing $20.4 billion in tax relief over 11 years;
- provide tax relief for members of the military including capital gains tax relief on home sales, tax-free death gratuity payments, and tax-free dependent care assistance for members of the military, all provisions the house has passed and are awaiting action in the Senate; and,
- provide tax relief for families of astronauts who die on space missions.
