Political Quotes

“In 2001 we passed the first Bush tax cut, which I am proud to say created the new 10 percent tax bracket. Before this legislation was passed, the lowest tax rate was 15 percent; and without immediate legislative action, 73 million hard-working American taxpayers, including 22 million low-income taxpayers, will see their taxes increase next year. In 2004 the 10 percent rate applies to the first $7,000 of tax-paying citizens' taxable income for single taxpayers and $14,000 for joint filers. However, beginning in 2005 through 2007, the 10 percent tax rate will shrink and apply only to the first $6,000 in taxable income for single filers and $12,000 for joint filers. In 2011 the 10 percent bracket will disappear all together. We cannot allow any of this to happen. The legislation before us today maintains the size of the 10 percent bracket at $7,000 for singles and $14,000 for married couples. H.R. 4275 also makes permanent the 10 percent tax bracket and indexes the income limits for inflation. Once enacted, it will save the average American taxpayer more than $2,400 over the next 10 years.”