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In the News
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Press Release Archive
April 2, 2002
Senate Stalls Important Measures Tax Break Mitigates Recession
While Congress prepares to debate critical issues this year, the Senate continues to stall over 40 important bills passed by the House that address issues vital to our economy and jobs. The 107th Congress has already passed a major energy policy bill, a trade promotion bill, a terrorist insurance bill, a border security bill and several economic stimulus bills. They have been sent to the Senate, and there they have languished because the Senate leadership is willing to put politics over people. Although there is a feeling of frustration, the House has not lost its sense of direction, and I look forward to representing the hard-working men, women and businesses of the Second District as Congress returns from its Spring district work period.
W. Todd Akin
Bush Tax Cut Plan Mitigates ‘Recession’ While Spurring Economic Growth
The Bush tax cut enacted last June has blunted the recession and is leading the economic recovery.
Source: Senate and House Republican Conference
• Economists agree that the one factor that remained strong during the economic slowdown has been consumer spending, which has been buoyed by the rebate checks and personal income tax rates in the Bush tax cut plan.
• The Washington Post acknowledged the direct correlation between strong consumer spending and the Bush tax cut, saying, “One reason consumers have been able to increase their spending is that their incomes have resumed rising…after-tax or “disposable” personal income rose 1.6 percent in January in part because of the tax-cutting legislation enacted last year.” (The Washington Post, Saturday, March 2, 2002)
When the major individual income tax provisions are fully phased in: (Dept. of Treasury)
• 104 million individuals and families will receive an average income tax cut of about $1,040.
• Nearly 43 million married couples will receive an average income tax cut of about $1,720.
• Over 38 million filers with children will receive and average income tax of $1,460.
• Over 10 million single mothers with children will be able to keep, on average, $770 more of their income.
• About 13 million seniors will see their taxes reduced, on average, by $915.
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