Senator McConnell Attends Tax Relief Bill Signing Ceremony At The White House
U.S. Senate Majority Whip Mitch McConnell joined President Bush today at the White House for the signing of the Tax Increase Prevention and Reconciliation Act, which extends alternative minimum tax (AMT) relief and keeps rates low on capital gains and dividends.
Following the event, Senator McConnell said "The big winner today is the American taxpayer. Reducing the tax burden is the right thing to do for our working families and for the long-term health and vitality of our economy."
Because of today's action, Kentucky taxpayers will receive a number of benefits - more than 80,000 taxpayers in the state will qualify for the AMT relief and 271,000 taxpayers will benefit from the reduced tax rates on capital gains and dividends.
Today's action builds on the continued economic initiatives passed by Congress that have helped keep our economy strong. According to the U.S. Treasury Department:
1.38 million Kentucky taxpayers have benefited by having lower income tax bills;
453,000 Kentuckians have benefited from the reduction of the marriage penalty; and,
371,000 Kentucky married couples and single parents have benefited from the increase in the child tax credit.
Also, more Americans are working than ever before - the economy has created more than 5.2 million jobs since August, 2003. Since then, we have witnessed 32 straight months of job growth. The nation's unemployment rate also remains low at 4.7 percent -- in fact, it is lower than the average unemployment rate of each of the past four decades.