WASHINGTON – After the $43 billion in tax relief recently passed by Congress in the economic stimulus legislation, some members of Congress have been looking for further, meaningful tax cuts and reduction in government spending.
On the table are three measures: 1) Making permanent the tax relief that passed last spring; 2) Bringing back forgotten tax cuts; 2) Eliminating unnecessary programs promoted by special interests.
House Speaker Dennis Hastert (R-Ill.) has introduced plans for a "Taxpayer\’s Bill of Rights," that seeks to make permanent President Bush\’s tax relief package that became law last June. "Taxpayers can\’t properly plan their finances if the status of estate tax cuts and marriage penalty relief is uncertain," he told the Washington Post. The Taxpayers\’ Bill of Rights is scheduled for a vote in April around tax time.
Senators Susan Collins (R-Me.) and Christopher S. Bond (R-Mo.) are working with small-business advocates on legislation that would allow such companies to write off up to $40,000 in office machinery and equipment compared to the current limit of $24,000. The expense write-off provisions were dropped from the recently passed economic stimulus bill.
House Majority Leader Richard K. Armey (R-Texas) suggested numerous ways to cut costs. He said, "There is a lot of extraneous spending in the government that goes beyond waste, fraud and abuse to programs that serve no purpose in our culture stay alive because of interest groups that support them. Armey insisted the need to be more resolute on discerning what programs are no longer of any use.
"These commendable moves by House Republicans show an encouraging future for American Tax Payers. By putting such critical thought into action, these congressional members are directing funds back to where they should be without robbing Americans of their hard earned money", notes Grover Norquist, President of Americans for Tax Reform.