Gilchrest Supports Making Bush Tax Cuts Permanent

Press Release

Gilchrest Support Making Bush Tax Cuts Permanent

As Congress begins to debate the future of President Bush's tax cuts, Congressman Gilchrest has cosponsored legislation that will make them permanent.

"Those tax cuts have helped stimulate our economy and kept it going strong in the face of some of difficult times," Gilchrest said. "To repeal them now would be a disaster, and would hurt families across the country."

Gilchrest this week cosponsored HR 2734, the Tax Increase Prevention Act, which makes the tax cuts the President introduced and Congress passed into law in 2001 and 2003 permanent. Currently they will expire in 2011 if Congress does not act.

"If we don't make these tax cuts permanent, income tax rates will rise substantially in each tax bracket, and low income-taxpayers will see the 10-percent tax bracket disappear," Gilchrest said. "Married taxpayers will see the marriage penalty return, and taxpayers with children will lose 50 percent of their child tax credits."

He has also cosponsored HR 2380, the Death Tax Repeal Permanency Act. That bill would eliminate the estate tax, or so-called "death tax", which can be crippling to families struggling to keep second and third generation farms and businesses alive.

"I think it's pretty clear that this tax policy has helped our economy thrive, with steady job creation and strong economic growth. To change course now would be short-sighted and damaging to our economy and to jobs."

Earlier this year, Gilchrest voted against the Democrat-sponsored budget because it sought to increase taxes by more than $200 billion. Instead, he voted for a Republican alternative that would have made the President's tax cuts permanent. That alternative budget vote, however, failed.

Source