Felix Grucci: “I rise today proud to have supported the Economic Growth and Tax Relief Act of 2001. With an economy sputtering, the…”

“I rise today proud to have supported the Economic Growth and Tax Relief Act of 2001. With an economy sputtering, the time is now for us to act proactively and implement a reasonable and fair tax relief package that will benefit our hard-working, middle-class families and small businesses. In New York's First Congressional District, where the cost of living is higher than in many regions of our Nation, the Economic Growth and Tax Relief Act of 2001 will jump start our local economy and put the money back where it belongs: in the pockets of the taxpayers. They created the tax surplus; they should get it back. This much-needed tax relief will be put to better use by offsetting costs for our families, costs like a college education for a young person, a mortgage payment, or they will be able to support our small businesses and our local economy. Those middle-class working families earning $50,000 will see a $1,600 tax cut in their taxes. That is a 50 percent cut. A family of 4 earning $35,000 would see 100 percent tax cut. Now, that is fair. And that is reasonable tax relief, and that is real tax relief for middle-class working families. In addition, this tax package will leave more money in New York State. New York already contributes about $17 billion more in taxes to Washington than it gets back. The Economic Growth and Tax Relief Act of 2001 will cut that deficit by $9.7 billion.”