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March 28, 2001
ROCKEFELLER CALLS FOR IMMEDIATE TAX CUT
Cosponsor's Legislation to Provide Quick Relief
WASHINGTON, DC – Senator Jay Rockefeller (D-WV) announced today that he is cosponsoring a new Democratic tax cut bill that would give every working American a one-time refund check, while enacting an immediate cut in the income tax rate for all taxpayers.
"This bill will give West Virginians the immediate tax relief they need and deserve, without jeopardizing the future of Social Security and Medicare," Rockefeller said. "The tax plan I endorse will cut the current 15 percent tax bracket down to 10 percent for everyone who pays income or payroll taxes."
Rockefeller added, "Unlike the President’s tax plan which leans heavily toward helping the wealthiest 1 percent, the plan I support is designed to be more fair to the average working person. That’s who’s been carrying most of the weight, and that’s who deserves a break."
In contrast with President Bush’s tax plan that provides the majority of its benefits after 2006, Senate Democrats believe a more immediate tax reward for all taxpayers is necessary to provide a real stimulus for the economy.
"This is a fair tax bill for all income levels. Americans need the tax break now, not down the road. With this new legislation I’m fighting for, people could see their refund checks within two to three months after it’s passed." Rockefeller explained.
Through the proposed legislation, the typical couple would receive a one time $600 refund check in 2001. In addition, the rate reduction from 15 percent to 10 percent would give another $300 tax cut in 2001. This would bring the typical couples’s total savings for 2001 to $900. After 2001, the average couple would continue to save $600 a year from the cut in the tax rate.
The Senate Democrats proposal assumes that there will be additional tax cuts, such as marriage penalty relief, once the President has submitted his budget.
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