US House Republicans say sticking to tax cut plans
Reuters
Wednesday 14 September 2005
Washington - US House Republicans said on Wednesday they were still committed to extending tax cuts signed by President Bush two years ago, saying they had not abandoned the effort, despite Hurricane Katrina.
"I can assure you that the House Ways and Means Committee has not abandoned trying to extend the dividend tax cut and the capital gains tax cut. We think that is critical. We have not given up on that," Rep. Jim McCrery, a Louisiana Republican, told a news conference.
McCrery is chairman of the Social Security subcommittee of the tax-writing Ways and Means panel. He also said the panel has been working on proposals for targeted tax relief to help individuals in the Gulf Coast area hit by Hurricane Katrina.
Bush signed across-the-board tax cuts into law in 2003, lowering the top rate on dividends and capital gains to 15 percent. The cuts are not set to expire until 2008, but before Katrina struck, Republican lawmakers had planned a major legislative push this fall to extend the cuts to 2010.
Since Congress returned to Washington this month it has approved over $60 billion in emergency aid for the region hit by Katrina, and lawmakers say more aid is coming. Some Democrats have questioned whether tax cut extensions are the right thing to do when the federal budget is coming under such strain.
But House Speaker Dennis Hastert, speaking at the same news conference with McCrery, suggested Hurricane Katrina's devastation actually posed a new reason for pursuing tax relief - as an economic stimulus.
"We believe we need to stimulate this economy," Hastert said, noting that Congress had passed stimulative measures after the shock of the attacks of Sept. 11, 2001.
"I think some of the things we have committed to do in this country, have committed over a long period of time, we'll continue to pursue," the Illinois Republican said.
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Wednesday 14 September 2005
Washington - US House Republicans said on Wednesday they were still committed to extending tax cuts signed by President Bush two years ago, saying they had not abandoned the effort, despite Hurricane Katrina.
"I can assure you that the House Ways and Means Committee has not abandoned trying to extend the dividend tax cut and the capital gains tax cut. We think that is critical. We have not given up on that," Rep. Jim McCrery, a Louisiana Republican, told a news conference.
McCrery is chairman of the Social Security subcommittee of the tax-writing Ways and Means panel. He also said the panel has been working on proposals for targeted tax relief to help individuals in the Gulf Coast area hit by Hurricane Katrina.
Bush signed across-the-board tax cuts into law in 2003, lowering the top rate on dividends and capital gains to 15 percent. The cuts are not set to expire until 2008, but before Katrina struck, Republican lawmakers had planned a major legislative push this fall to extend the cuts to 2010.
Since Congress returned to Washington this month it has approved over $60 billion in emergency aid for the region hit by Katrina, and lawmakers say more aid is coming. Some Democrats have questioned whether tax cut extensions are the right thing to do when the federal budget is coming under such strain.
But House Speaker Dennis Hastert, speaking at the same news conference with McCrery, suggested Hurricane Katrina's devastation actually posed a new reason for pursuing tax relief - as an economic stimulus.
"We believe we need to stimulate this economy," Hastert said, noting that Congress had passed stimulative measures after the shock of the attacks of Sept. 11, 2001.
"I think some of the things we have committed to do in this country, have committed over a long period of time, we'll continue to pursue," the Illinois Republican said.
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Link Here
posted by Kangaroo Brisbane Australia at 7:06 PM
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