Jim Ramstad: “Yesterday we took steps to bank 90 percent of the budget surplus to save Social Security. Today we will give back a…”

“Yesterday we took steps to bank 90 percent of the budget surplus to save Social Security. Today we will give back a small portion to help people who gave us the surplus in the first place--American taxpayers. The marriage penalty tax relief will help 24 million American couples--875,000 people in my home state of Minnesota alone. Seniors will be able to earn more before the government confiscates their social security payments. Countless farmers and small business entrepreneurs need our help with estate taxes, health insurance costs and expensing. Farmers need the added relief of permanent income averaging, an expanded Net Operating Loss carryback period and market transition payment help. And aside from the tax relief in real dollar terms, we provide needed tax simplification. Fewer Americans will have to itemize because of the doubled standard deduction for married taxpayers. Millions of other Americans will be able to fill out a simple EZ form because of the small interest and dividend exemption--a provision that will help 1.4 million Minnesotans keep more of their savings. And many more Americans will be spared from paying death taxes and making the excruciating calculations required by the Alternative Minimum Tax. This bill also provides critical assistance for school districts and state and local governments through the school construction bond provisions and the increase in the private activity bonding cap.”