Bush signs tax relief into law
WASHINGTON- With the signing of President Bush\’s $1.35 trillion tax relief bill in The White House this morning, taxpayers will see significant relief from their tax burdens. Over ten years, the new law will reduce marginal tax rates, eliminate the marriage penalty tax, expand the child tax credit, and phase out the death tax. The law will also provide tax rebates of $300 for an individual and $600 for a couple, which will be mailed later this summer.
Grover Norquist, president of Americans for Tax Reform (ATR), issued the following statement in response to the signing of the bill:
"Taxpayers all across the country have been holding their breath for twenty years. But now we can all finally breathe a sigh of relief. President Bush and Members of Congress have worked together to pass a strong, bipartisan tax relief bill – the largest since 1981. And ATR drafted resolutions passed by twenty-seven (27) of 99 state legislative bodies, instructing their Congressmen and Senators to vote for tax relief.
Norquist continued: "Today\’s bill signing is an absolute victory for President Bush. He fought long and hard to thwart the efforts of those in Congress who were more committed to funding their pet projects and pork-barrel spending, than providing relief for their constituents. Those Members who voted against cutting taxes for their constituents should not keep that tax relief for themselves.
"But the campaign for lower taxes and smaller government is not over. This is only the first victory in what will be a series of tax reductions that the President will sign over the next several years.
"America has a tradition of low taxes and free enterprise, and our country is strongest when its taxes are lowest. Today, all Americans should celebrate the passage of this bill, which is nothing less than a restoration of the ideals of freedom."