Bill Archer: “Today, we take the final step toward ending the marriage penalty for 25 million married couples. That is 50 million…”

“Today, we take the final step toward ending the marriage penalty for 25 million married couples. That is 50 million Americans. Once again, this can-do Congress is sending common sense legislation to the President so we can help America's working families make ends meet. And once again, this Congress is bringing fairness to the Tax Code. I am proud to say that this marriage penalty relief bill is very close to the version the House passed with strong bipartisan support twice this year. In fact, it is better because we have accelerated the tax relief to married couples so that they can begin to realize a benefit this year, the year 2000, rather than having to wait under the original House bill until the year 2003. The doubling of the standard deduction, the first step in doubling the 15 percent income tax bracket, and the expansion of the earned income credit limits will all be effective retroactive to January 1 of this year. That means that when President Clinton signs this bill, millions of couples will be helped this year when they file their estimated taxes and next year during tax time when they report their tax return for this year.”