Finance Committee Approves Marriage Tax Penalty Relief
Legislation Will Cut Taxes for Millions of American Families
WASHINGTON -- The Senate Finance Committee today approved by a vote of 11-8 (11-9 including a proxy) a bill granting tax relief to millions of American families. The $247.8 billion tax relief bill would:
1. Eliminate the marriage penalty in the standard deduction;
2. Provide broad-based marriage tax penalty relief by widening the 15% and 28% tax brackets;
3. Allow more low income married couples to qualify for the Earned Income Credit;
4. Preserve the family tax credits from the bite of the Alternative Minimum Tax ("AMT") which hits married couples with children the hardest.
"Despite the roaring economy, life still is not getting cheaper for millions of American families. It is only fair that we let them keep more of what they earn. Approval of this legislation by the Committee brings American families one step closer to the tax relief they deserve," stated Senate Finance Committee Chairman William V. Roth, Jr. (R-DE).
The Senate is expected to take up the bill in the next several weeks.
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