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In the News
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Press Release Archive
June 7, 2001
Tax Cut Means Billions in Savings for Missourians
Increased child tax credit benefits families of 150,000 children in 2nd District
(Washington, D.C.) - Today, Congressman Todd Akin attended the signing of the Economic Growth and Tax Relief Reconciliation Act. The President invited the Republican Conference to the East Room of the White House for the signing of the bill.
Congressman Todd Akin voted for the bill, which provides a $1.3 trillion tax cut, repeals the death tax and marriage penalty, doubles the child tax credit to $1,000 and increases maximum contributions to retirement savings.
According to the Heritage Foundation, the Tax Relief Act will provide approximately $27 billion dollars of tax relief for Missouri taxpayers by 2011. The bill will over the next decade:
• Increase the child tax credit giving Missouri residents $3.7 billion dollars in tax relief. Families of 150,000 children in the 2nd district alone will receive a tax break.
• Reduce rates and repeal of the estate tax providing Missouri taxpayers with $21.8 billion in tax relief.
• Reform the marriage penalty giving Missourians $1.5 billion in tax relief.
“The signing of this bill by the President is truly momentous. It is the largest tax relief in twenty years,” said Akin. “The American people created the surplus and it is right that they get that money back. This is real tax relief with a real impact for Missourians.”
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