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| May 26th, 2001 |
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Media Contact(s): Christopher Rosché - 202.224.9851 |
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HATCH PRAISES TAX CUT MEASURE AS A
“GREAT BILL FOR UTAH CHILDREN AND FAMILIES”
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WASHINGTON - Sen. Orrin Hatch today praised passage of the sweeping $1.35 trillion tax cut package as the best bill for children and families in years.
“The Senate should be extremely proud of this bipartisan bill and the long hours that were put into forging a compromise,” Hatch said on the Senate floor. “There are 16 million more children who directly benefit from this bill as a result of the bipartisan compromise. This the best bill for children and families that I have seen in years.”
But Hatch noted that the legislation did not contain everything he originally wanted. “This conference report is not perfect, just as no political compromise is perfect,” Hatch continued. “I, like many of my colleagues, would have greatly preferred a larger tax cut of at least $1.6 trillion… And I greatly regret that the permanent extension of the research and experimentation credit, which is so important for Utah’s high-tech community, was not accommodated in the final product.”
Hatch was also disappointed that the alternative minimum tax (AMT) was not eliminated, although he noted that the AMT exemption amounts were increased.
“This bill does much for the people of Utah and for the people of America. More than 693,000 Utah citizens pay taxes and all of them will see a reduction,” Hatch said. “More than 231,000 families have children and they will see some of their hard-earned money coming back to them by the doubling of the child tax credit.
“Utahns work very hard for their money,” he added. “If the government has surplus, the people of our state deserve some of their money back. That way, they can decide how best their money is spent.”
“This compromise measure begins to reverse the flawed philosophy that says the government knows best how to spend taxpayers’ hard-earned money. It cuts taxes for every American who pays them. It will stimulate the economy and provide incentives to keep it strong in the future. It acknowledges the importance of families, as well as the need for providing a good education for our people.
“It also includes strong incentives for all Americans to increase their savings and prepare for their own retirements. It recognizes the gross unfairness of the confiscatory death tax and begins immediate relief with repeal within a decade. It makes great strides against the unfairness of the marriage tax penalty in a way that does not punish those families where one spouse chooses to stay at home. In the whole, it is a very good bill.”
Contact: Christopher Rosché 202.224.9851
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