FOR IMMEDIATE RELEASE CONTACT: Doug McGinn July 16, 1999 (202) 225-3031 RYAN HAILS PASSAGE OF HISTORIC TAX RELIEF & DEBT REDUCTION PACKAGE
WASHINGTON - First District Congressman Paul Ryan today hailed the passage of The Financial Freedom Act, a legislative package that provides broad-based tax relief over the next ten years. Over the next decade, it is estimated that the federal government will realize non-Social Security surpluses in the area of $1 trillion dollars. In addition to across-the-board income tax rate reductions, the proposal includes a number of tax reductions geared towards education, health care, the marriage penalty, capital gains, small business, and estate taxes. "Not only does this tax relief package provide hard working Wisconsin families a refund on their tax overpayments, but also provides unprecedented debt reduction."
Included in the legislation are provisions to guarantee significant debt reduction over the next five years, designating $6 for debt reduction for every $1 of tax relief. Unlike the President's proposal, the Financial Freedom Act does not use one cent from Social Security or Medicare.
Major provisions of the bill include:
"This legislation marks a historic moment," said Ryan. "Not only does this tax relief package provide hard working Wisconsin families a refund on their tax overpayments, but also provides unprecedented debt reduction. Further, we are doing all this without touching one penny of Social Security or Medicare."
- 10 percent across the board reductions in tax rates over ten years.
- Elimination of the Death Tax.
- Reforms the Marriage Tax Penalty
- Allows individuals and families without employer-paid health insurance to deduct 100 percent of health care and long-term care premiums.
- Expands contributions to tax-free to Educational Savings Accounts per year from $500 to $2000.
- Reduces capital gains taxes for individuals and corporations
- Provides $6 dollars in debt reduction for every $1 dollar in tax relief over the next five years.
"Unlike the President's proposal, which would take over $340 billion from Social Security and untold billions from the expected non-Social Security surpluses, our package is free and clear of ever-expanding programs and pet projects. I believe the more money we allow Wisconsin families to keep, the better that money will be spent. The tax relief provided in this package will allow taxpayers the opportunity to decide how best to spend their money, not the federal government. Given the choice, I trust the taxpayers of Wisconsin to make better financial decisions than Washington ever could."
For additional information, or to schedule an interview with Congressman Ryan, please contact Doug McGinn at (202) 225-3031.