Charles E. Grassley: “I want to offer my strong support to a middle-class tax cut for the family, which is in the Republican alternative. It…”

“I want to offer my strong support to a middle-class tax cut for the family, which is in the Republican alternative. It is time to start giving back to families what is rightfully theirs. If the dependent exemption had kept up with inflation, it would be near $7,000 by now, instead of the $2,350 one that exists. A new $500 tax credit for each dependent in every family will help the President keep his promise to cut middle-income taxes. This amendment is the latest in a series of attempts to achieve family tax relief. Besides legislation I have introduced in the past, the Budget Committee voted for a resolution of mine 2 years ago in support of family tax relief. Congress later passed a family tax credit that was part of a vetoed bill. A $500 tax credit will send billions of dollars directly back to families. Families in my State of Iowa will get over $300 million back. In the chairman's State of Tennessee, families will get direct tax relief in the amount of over $470 million. Instead of throwing more money at Government bureaucracies, we need to let people keep more of their own money and use it in a way that is best for them. Not in the way that the Government says is best for them. People are sick and tired of hearing from some Government bureaucrat who says I am from the Government and I am here to help you. So, Mr. President, now is the time for all of us here to start giving people back the money that Congress has been taking away from them.”