Senate Gives Bipartisan Approval to $792 Billion Tax Cut
Bill Approved on 57 to 43 Vote
WASHINGTON -- Senator William V. Roth, Jr. (R-DE), Chairman of the Senate Finance Committee, today cheered passage of his tax cut legislation. The measure passed the Senate 57 to 43, with support of Senate Democrats John B. Breaux (D-LA), J. Robert Kerrey (D-NE), Robert G. Torricelli (D-NJ), and Mary Landrieu (D-LA).
The $792 billion plan helps individuals and families meet some of life's biggest financial challenges. It does so by offering broad-based income tax relief; removing the marriage penalty; making it easier to save for retirement; making college education more affordable; making it easier for families to pass on family farms and businesses to their children; making health insurance more affordable for millions of Americans. Other features include a tax credit for renovating homes in certain historic areas, and a tax credit to energy facilities that use poultry manure as a fuel to generate electricity.
"Taxes are at the highest rate they have been since World War II," Roth said. "Families are having trouble saving for a college education for their kids. Baby boomers are having trouble saving for retirement and paying for the care of their parents. Young people are getting hit with an unfair financial penalty when they get married. Yet, the government has a surplus of $3 trillion. Quite frankly, I think that we are obligated to return some of those tax dollars to the American taxpayer.
"A $3 trillion surplus also allows us to put aside funds for Social Security, to ensure the health of the medicare program and to pay for essential government programs, like defense," Roth continued.
"Over the next few days, the House and Senate will work to put together a tax cut bill that includes the best items from both of our bills. I hope that the President will agree with us that Americans who have worked to create this surplus should reap some of the benefits of it."
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