WASHINGTON- On Saturday Aug. 5 President Clinton vetoed the Marriage Penalty Tax Relief Act of 2000. The bill, which passed the House and Senate with Republican and Democrat support alike, would relieve 25 million married couples of the unfair marriage tax penalty.
Grover Norquist, President of Americans for Tax Reform, issued the following statement regarding the Clinton/Gore veto of the Marriage Penalty Tax Relief Act of 2000:
"Rather than doing what is right for America, Bill Clinton and Al Gore decided to continue to engage in class warfare and veto the bill that would eliminate the marriage penalty for millions of married couples across America.
"Clearly Clinton and Gore are more concerned about politics than people, especially working families. With a simple stroke of the pen, he cost 25 million taxpayers $89.5 billion.
"While Clinton and Gore argue this is a risky tax cut, the fact is the elimination of the marriage penalty equates to about four percent of the projected non-Social Security surplus."
The Marriage Penalty Tax Relief Act of 2000 would:
1. Double the standard deduction for married couples filing jointly so that t is equal to twice the standard education for single filers.
2. Double the 15% Income Tax Rate by expanding the lowest tax bracket (15%) to twice that of the corresponding bracket for single filers.
3. Increase the Earned Income Credit (EIC) for low-income married couples and make more couples eligible for EIC assistance.
4. Extend treatment of refundable and nonrefundable credits for Alternative Minimum Tax (AMT) Calculations.