Angie Craig: “on this April 15, Congress and the President have solid achievements to be proud of. But there is also much work that…”

“on this April 15, Congress and the President have solid achievements to be proud of. But there is also much work that remains to be done on a tax code that is still too burdensome and complex. First the good news. We continue to see the many benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001. This year, hardworking Americans and their families have a little more freedom, and the Federal Government has a little less control over their lives. Most taxpayers saw the immediate results of this tax relief last summer, when rebate checks arrived in mailboxes across the country. These checks were the first installment in replacing the old 15-percent tax rate bracket with a new 10-percent bracket. Low-and-modest income families were given the highest priority, both in timing and in relation to their income tax burden. But help for families didn't stop there. The 2001 law has increased and expanded the child tax credit, increased the adoption tax credit to $10,000 per child, and provided relief from the marriage penalty, including the expansion and simplification of the earned income credit for working, low-income couples. Education benefits for families include deductions for college expenses, improvements to education savings accounts, student loan interest deductions, and the continued allowance of employer-provided educational assistance. There are also tax benefits for governmental bonds for public school construction.”