U. S. House Passes Taxpayer Relief Act
Washington, D.C.,
Jun 26, 1997 -
Plan Targets Every Taxpayer At Every Stage of Life
- Alaska Congressman Don Young today voted in favor of H.R. 2014 -- The Taxpayer Relief Act, the first broad-based tax relief in 16 years. The legislation provides sensible tax relief to every taxpayer at every stage of life. The bill was approved by a vote of 253 to 179.
"Our plan is a straightforward, first step to let taxpayers keep more of what they earn," Young said.
"American taxpayers are working harder than ever, too often struggling to make ends meet, paying more in taxes than for food, shelter and clothing combined. It shouldn't be that way," he added.
According to a study from the Heritage Foundation, the families of 89,000 Alaskan children will receive a $500 per child tax credit under this bill, 24,000 more than the President's earlier plan. Other studies find that for a child horn today, the Taxpayer Relief Act will mean more than $10,000 in tax relief by the time that child turns 18.
Highlights of the bill include:
- A $500 per child tax child tax credit for all children under age 17. ($400 in tax-year 1998, $500 after that). The President's plan would cover children only 12 years old and under -- 11 million fewer teenagers than our plan.
- Education IRAs to help families prepare for the expense of college- allows parents to put away up to $50,000 in after-tax money for their children's future education needs.
- Penalty-free withdrawals for parents from their IRA's to pay for undergraduate and graduate expenses for themselves, their children and grandchildren.
- Capital gains tax relief for individuals who sell their homes.
- Relief for the self-employed and small businesses.
- Death "Estate" Tax Relief -- raises the exemption from $600,000 to $1 million in 10 years.
"This is an honest and long overdue effort to ease the ever-growing tax burden that falls on the taxpayer, and expands freedoms to prosper, create jobs, and more easily fulfill personal and family responsibilities," Young said.
