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