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| Wilson Votes to Make Tax Relief Permanent |
April 18, 2002 |
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Washington, DC-Congresswoman Heather Wilson voted in favor of making tax relief permanent for working families and small business owners. Due to Senate rules, the tax relief provisions passed last year would expire or “sunset” on December 31, 2010. The House held a vote today to override this rule and to maintain the tax relief provisions indefinitely.
Among the provisions included in the permanent tax relief bill are the abolition of the marriage tax penalty, the eventual phase-out of the death tax, a higher per-child tax credit and lower tax rates for middle to low-income wage earners. Wilson cited economic reports showing that tax relief passed in Congress in 2001 has had a stimulative effect on our sluggish economy.
“Reports have shown that tax relief will have helped small business create 800,000 jobs by the end of this year,” said Wilson. “That’s 800,000 families who have an income and will continue to contribute to and grow our economy. Leaving money in the hands of working families and business owners can have a remarkable effect.”
Wilson says that the tax relief signed into law last year, with her support, helped create jobs, provided a powerful economic stimulus, helped soften the recession, and laid the foundation for long-run economic growth.
A recently released report by the Council of Economic Advisors showed that:
The tax relief will have helped the private sector create 800,000 more jobs than there otherwise would have been by the end of 2002.
Tax relief has raised the prospects of a solid recovery in 2002 by boosting economic growth by 0.5 percentage point, lifting the expected growth rate from 2.2 percent to 2.7 percent.
Without tax relief, third-quarter growth would have been much worse, contracting at a 2.5 percent annual rate instead of the reported 1.3 percent rate. And, in the fourth quarter, real GDP would have fallen 1 percent instead of the advance estimate of 0.2 percent growth.
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