Sam Farr: “with today's vote on the ``Tax Relief Act of 2005'' (H.R. 4297) conference report, the Congressional Republican…”

“with today's vote on the ``Tax Relief Act of 2005'' (H.R. 4297) conference report, the Congressional Republican Leadership is planning, once again, to give huge tax cuts to the wealthiest one percent of Americans, while leaving 99 percent of Americans with little to no tax relief, a federal government hamstrung by deficits and a future generation saddled with monstrous debt. I would like to insert into the record a chart from the Tax Policy Center that outlines how much Americans would actually save under this bill. These numbers clearly spell out the priorities of this Republican Leadership: HOW MUCH WOULD YOU SAVE UNDER THE PLAN? ------------------------------------------------------------------------ Average tax Income, in 2005 dollars savings ------------------------------------------------------------------------ $10,000-20,000............................................. $2 $20,000-30,000............................................. 9 $30,000-40,000............................................. 16 $40,000-50,000............................................. 46 $50,000-75,000............................................. 110 $75,000-100,000............................................ 403 $100,000-200,000........................................... 1,388 $200,000-500,000........................................... 4,499 $500,000-1 million......................................... 5,562 More than $1 million.......................................…”