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| Wilson Votes To Provide Tax Relief For Working New Mexicans |
March 08, 2001 |
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WASHINGTON, DC—Congresswoman Heather Wilson voted to pass the first part of President Bush’s tax relief agenda today. The tax relief package offers across-the-board relief in income taxes to spur continued economic growth.
“With the economy faltering, we must do everything in our power to stimulate economic growth and that means getting tax surpluses out of Washington and back in the hands of the American people,” said Wilson. “There are many New Mexicans who need a new washer and dryer, or need to get their children new school clothes, or even pay some of their college tuition or gas bills that cost so much nowadays. This tax relief bill will empower them to do so.
“According to a study released by the Heritage Foundation if President Bush’s tax plan is enacted the average New Mexican family of four would receive a tax cut of more than $1,000. That is real relief for thousands of working families across New Mexico.” she said.
The plan passed by the House today reduces to 12% the current 15% tax rate on the first $12,000 of taxable income for couples ($6,000 for singles) to get money in the hands of those who need it most. The new rate is applied retroactively to January 1, 2001. The House plan consolidates by 2006 the current 5-rate tax structure (15%, 28%, 31%, 36% and 39.6%) into four new rates (10%, 15%, 25%, and 33%).
“This plan will put money into the pockets of American consumers immediately and provide greater rewards for work and entrepreneurship in the long term. Hard-working Americans are paying more in taxes than they should, or need, to pay. By moving quickly, our hope is to have both monetary and fiscal policy restart this stalled economy,” said Wilson.
“We have already walled off nearly $3 trillion for Social Security, Medicare, and further debt relief. We’ve paid down $363 billion of debt since 1997, reducing the debt from a high of $3.8 trillion to $3.4 trillion this year. Our fiscal house is not only in order, it is in the best shape it’s been in generations,” concluded Wilson.
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