Kim Reynolds: “I hope my colleague will take the opportunity to brief himself on the income tax savings for middle-income families, a…”

“I hope my colleague will take the opportunity to brief himself on the income tax savings for middle-income families, a Joint Economic Committee study done by the gentleman from New Jersey (Vice Chairman Saxton) of the Joint Economic Committee of the Congress; possibly that will provide him some assistance on some of the points that he has made. The impending tax increases, unless Congress takes action, the following tax increases will automatically occur: In 2005, the child tax credit will decrease from $1,000 to $700. The standard deduction for couples as a percentage of the standard deduction for singles will decrease from 200 percent to 174 percent, reinstating the marriage penalty. The top end of the 15 percent marginal income tax bracket for couples as a percentage of the top end for singles will decrease from 200 percent to 174 percent, reinstating the marriage penalty. The 10 percent marginal income tax bracket will contract from covering the first $7,000 of income for singles and $14,000 for joint filers to covering only the first $6,000 of income for singles and $12,000 for joint filers. The bonus depreciation will decrease from 50 percent to 30 percent.”