|HSLDA News||January 9, 2003|
New Tax Plan Reflects Family Values
On Tuesday (January 8, 2003), President George Bush unveiled his economic recovery plan, which contains several items of interest to homeschooling families. These tax breaks include marriage tax penalty relief, increased per child tax credit, and the lowering of income tax rates for both single and joint returns.
Many of these tax breaks were contained President Bush's early tax bill passed by Congress in 2001. Most of the cuts, however, would not take full effect until the end of the decade.
Under the President's new plan, the marriage tax penalty would be reduced this year instead of waiting until 2009. The child tax credit would be raised from $600 to $1,000 per child-per year in 2003, instead of 2010. And many taxpayers would be moved into the lowest tax bracket of 10% now, instead of waiting until 2008.
"By speeding up these income-tax cuts, we will speed up economy recovery and the pace of job creation. If tax relief is good enough for Americans three years from now, it is good enough for Americans today." President Bush stated in his speech from Chicago on Tuesday.
Home School Legal Defense Association and the National Center for Home Education are encouraged that action is being taken to speed up this process. "America's tax politics reflect its values. I am glad to see the President affirming marriage and family as he pushes to stimulate the economy," said National Center Director Tom Washburne.
HSLDA and the National Center will continue to work for family freedom as the 108th Congress convenes.
For more information on the Marriage Tax Penalty and other tax issues, visit the HSLDA Issue Library at: http://www.hslda.org/docs/default.asp.