Congress Should Pass, and the President Should Embrace: Tax Relief without Debt

Statement

Congress Should Pass, and the President Should Embrace: Tax Relief without Debt

Last week, the U.S. House of Representatives passed H.R. 3996, a responsible tax relief package to spare more than 23 million families from a tax increase this year under the alternative minimum tax (AMT). The House package provides AMT relief along with tax cuts to millions of additional families by extending provisions that would otherwise expire at the end of the year. The package is entirely revenue neutral, which means the benefits provided to millions of hardworking families would be offset by closing loopholes and ending lucrative tax breaks enjoyed by a privileged few to ensure the legislation does not add to the national debt.

President Bush criticized this fiscally responsible approach to tax relief today and Ways and Means Committee Chairman Charles B. Rangel issued the following response:

"President Bush's advisors have cautioned against the dangers of the growing national debt on our economy, yet the President doesn't seem to understand. Old habits die hard. After years of reckless borrowing to fund trillions in tax breaks for the wealthy, billions in spending and billions more for his war in Iraq, he's facing an economic downturn -- and his answer is to continue borrowing. The American people expect more of their leaders - they expect responsible decisions and accountability and that is what the House delivered last week. President Bush should concentrate his energy on working with Congress and encouraging the Senate to pass tax relief that will not have to be paid for by our children and grandchildren."

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