Senate Concurrent Resolution 116

PAG LIN

  1  1          SENATE CONCURRENT RESOLUTION NO. ___
  1  2                      BY  McKIBBEN
  1  3 A Concurrent Resolution requesting the congressional
  1  4    delegation of the State of Iowa to work to make the
  1  5    federal tax cuts permanent.
  1  6    WHEREAS, each year President George W. Bush has
  1  7 proposed and Congress has enacted a tax cut designed
  1  8 to strengthen the American economy and increase
  1  9 employment opportunities for working families; and
  1 10    WHEREAS, tax cuts signed into law reduced income
  1 11 taxes for all taxpayers, eliminated the marriage
  1 12 penalty and death tax, increased the child credit
  1 13 rebate and business expensing, expanded individual
  1 14 retirement accounts, and cut the double taxation of
  1 15 dividends and capital gains; and
  1 16    WHEREAS, economic growth stemming from the latest
  1 17 tax cut accelerated at its fastest rate in 20 years in
  1 18 the third quarter of 2003; and
  1 19    WHEREAS, provisions set forth in the tax cut are
  1 20 set to expire starting in 2005 and will be completely
  1 21 phased out by the year 2012; and
  1 22    WHEREAS, expiration of the existing tax cuts will
  1 23 increase taxes by 50 percent for lower=income
  1 24 families, the child credit will fall by 50 percent,
  1 25 the marriage penalty will be reinstated, education
  1 26 savings will be taxed, retirement savings will shrink,
  1 27 and every taxpayer will face an income tax increase;
  1 28 and
  1 29    WHEREAS, expiration of the existing tax cuts will
  1 30 result in the largest tax increase in American history
  2  1 and will stifle economic growth; and
  2  2    WHEREAS, making all the tax cuts permanent will
  2  3 allow taxpayers to feel more confident investing in
  2  4 their child's college education or saving for
  2  5 retirement, all while ensuring increased economic
  2  6 growth; NOW THEREFORE,
  2  7    BE IT RESOLVED BY THE SENATE, THE HOUSE OF
  2  8 REPRESENTATIVES CONCURRING, That the General Assembly
  2  9 of the State of Iowa requests our elected
  2 10 representatives and senators in the United States
  2 11 Congress to support and vote to make President Bush's
  2 12 tax cuts permanent; and
  2 13    BE IT FURTHER RESOLVED, That copies of this
  2 14 Resolution be transmitted to the members of Iowa's
  2 15 Congressional delegation.
  2 16 LSB 6994SS 80
  2 17 sc/pj/5.1