Thornberry votes for historic tax cut

WASHINGTON, DC – US Rep. Mac Thornberry (R-Clarendon) voted Saturday for the largest tax cut in 20 years. The bill passed the House of Representatives 240-154.

The plan, which has since been passed by the Senate and signed by President Bush, calls for a reduction in income tax rates, a reduction in the so-called marriage penalty, a doubling of the child tax credit, and the phase out of the death tax.

“Today in America people send more of their paycheck off to the government than at any other time since World War II,” Thornberry said. “It is only right that we cut their taxes. This bill will do that.”

The tax cut will provide across the board relief by replacing the five current tax brackets with four lower brackets. The marriage penalty will be reduced, and the per-child tax credit will be doubled from $500 to $1,000 with a retroactive increase to $600 to January 2001.

The death tax will be phased out over the next ten years.

A lump-sum refund of $300 for single taxpayers, $500 for single parents, and $600 for married taxpayers will also be provided this year.

“Some people see this bill as the culmination of what the president campaigned on and what a lot of us have been pushing for over the past several years,” Thornberry said. “I view it differently. I see this bill as the first step in giving people their money back and [as] something that will help lay the foundation for future tax relief in the next few years.”

The local congressman said he believes the capital gains tax should be reduced since more Americans are now investing in the stock market. He also says he hopes to see a repeal of the tax on Social Security benefits and the four-cent tax on fuel, both of which were passed in 1993.

“Both of these taxes were passed to help get rid of the budget deficit. Well, the deficit’s gone, but these two taxes are still here. We should get rid of them. I’m hopeful that in the coming months, we’ll be able to look at these and other areas where taxes can be reduced.”