Don Nickles: “In all likelihood tomorrow we will be sending the President a bill to eliminate the marriage penalty for most Americans.…”

“In all likelihood tomorrow we will be sending the President a bill to eliminate the marriage penalty for most Americans. I urge the President to sign this bill. This bill will provide tax relief for millions of married couples. For individuals or for couples who have incomes of $52,000, they will see their take-home pay increase by a total of about $1,400. Some of my colleagues on the Democratic side have said that is a tax cut for the wealthy. It is not. I don't consider a married couple who have an income of $52,000 particularly wealthy. We want to eliminate the marriage penalty and allow them to keep more of their own money. They should not be taxed at a 28-percent rate. That is what our bill does. Our bill says we should double the 15-percent rate on individuals for couples. Right now, people who have taxable incomes of $26,000 as individuals pay taxes at 15 percent. We are saying married couples should pay taxes at 15 percent at twice that amount, up to $52,000. That only makes sense.”