President Bush signed his fourth tax cut in four years on Monday, extending three tax breaks popular with middle-class voters and reviving other tax incentives for businesses.
Bush held the bill signing ceremony at a YMCA in Iowa, one of the most contested states in this year's presidential election with Democrat John Kerry and a state Bush lost by a razor-thin margin in 2000.
An estimated 94 million Americans will be affected by the tax relief, which keeps three middle-class tax breaks from expiring Jan. 1 and renews others for businesses. The tax cut also will swell the deficit, which is at a record high.
"The law I sign this morning comes at just the right time for America," Bush said.
The $145.9 billion tax package that Congress passed last month will:
- Keep the per-child tax credit at $1,000 for five years.
- Continue to allow more of taxpayers' income to be taxed at 10 percent, the lowest rate, for six years.
- Retain for four years a provision giving married couples relief from the so-called marriage penalty.
Matt's Chat
Just another tax cut for the wealthy...nothing to see here...move along...move along...DumbyaBu$HitlerMcShrubbenChimperorHALLIBURTON! is screwing us again...
Mark's Remarks
Yep, it is such a scandal and pro-rich tax cut, this child credit, especially when it has been shown that poorer people have more kids! Yep, great liberal logic! Yes, and axing the marriage penalty for four years favors just the rich, because only they get married, right libs? See the elitism, see the blind hatred of middle America? I think you do.
