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Bush Plan Gives Tax Relief to Taxpayers

 
March 19, 2001

With budget surpluses in Washington, we now have an opportunity to shore up Social Security, protect Medicare, pay down a record amount of debt and provide relief from an enormously high tax burden. President Bush's plan to take $1.6 trillion from the estimated $6 trillion surplus over the next 10 years and dedicate it to tax relief is responsible and reasonable.

 

Federal taxes are the highest they have been since World War II. When you combine the overall tax burden of local, state and federal governments, plus the costs of regulation, folks are giving almost half of what they make to the government. This is unacceptable and needs to be changed.

 

President Bush's tax proposal is targeted to give tax relief to everyone who pays income taxes. In fact, those who are in the lowest tax brackets would get the largest percentage of tax relief. That means real dollars back in the pockets of hard-working Tennesseans. They can use this money to get out of debt and purchase the things they need for their families.

 

Pro-growth benefits like these will generate increased revenue. That development enhances future chances for additional benefits such as more targeted tax breaks, including reduction of income-tax rates, easing the marriage penalty, phasing out the estate tax and increasing tax benefits for charitable contributions.

 

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