Eagle Forum
Email
Subscribe
Shop
Shop
Youtube
Youtube
Blogger
Blog
Feeds
Feed

www.eagleforum.org
subscribe to eagle-mail

Eagle Forum supports important modifications
to President Bush's tax cut plan.

On Feb. 28, 2001 Eagle Forum President Phyllis Schlafly
sent the following letter to President George W. Bush:
 

Feb. 28, 2001


Dear President Bush,

On behalf of Eagle Forum members nationwide, we thank you for your commitment to provide tax relief for all taxpayers. Recognizing that the American people are paying more taxes today than ever before in our nation's history, we agree with you that the surplus should be returned to the taxpayers.

The proposal to provide relief from the "marriage tax" penalty should be changed to ensure that one-earner families receive the same benefit as two-earner families. It is unacceptable that a two-earner family would have a lower federal income tax bill than a one-earner family with the same joint income.

For further reading on why relief from the "marriage tax" penalty
should not be limited to two-earner couples:
see Phyllis Schlafly Column 3-07-01
Maggie Gallagher column 3-29-00

In order to offset the revenue loss of expanded marriage tax penalty relief, we support eliminating the Child & Dependent Care Tax Credit (DCTC), which is currently available only to two-earner couples. If not eliminated, the DCTC should be capped at the same income level as the Child Tax Credit (currently $100,000, which the you propose to raise to $200,000). (Currently, the DCTC is virtually the only income tax deduction or credit that's not capped.)

We support your plan to eliminate the death tax while preserving the fresh start (step-up in basis) for inherited property, which has existed since the first federal income tax in 1913. We oppose Congressional efforts to impose a new tax on inherited property called "carryover basis." Carryover basis is not an acceptable trade-off for elimination of the death tax; it is simply a new death tax in a different form.

For further reading on why it's wrong to create a new
"carryover basis" tax on inherited property
see: Bruce Bartlett column 5-17-01
Phyllis Schlafly column 3-21-01
Bruce Bartlett column 6-07-00
Lew Rockwell column 6-10-00

If Congress will not agree to completely repeal the death tax without passing a new "carryover basis" tax, then we support an alternative plan to provide substantial estate tax relief by a combination of (1) raising the Unified Credit Exemption Equivalent (currently $675,000) to $5,000,000 this year, and (2) reducing the tax rates (currently as much as 55%) down to the rate applicable to capital gains (currently 20%).

Faithfully,


Phyllis Schlafly


 
Google Ads are provided by Google and are not selected or endorsed by Eagle Forum
Eagle Forum • PO Box 618 • Alton, IL 62002 phone: 618-462-5415 fax: 618-462-8909 eagle@eagleforum.org