Bush Extends Family Tax Relief

Iowa NCBA members attended President Bush’s signing of the Working Families Tax Relief Act of 2004, held at the South Suburban YMCA in Des Moines, Iowa. With this signature, federal law will extend tax relief for millions of American families and add momentum to the economy. Some of tax relief provisions passed over the last three years were set to expire at the end of 2004.

The bipartisan bill extends the $1,000 child tax credit, the marriage penalty relief and the expanded 10 percent tax bracket. It also protects millions of families from having to pay the alternative minimum tax in 2005. This bill will also increase the child credit refunds for almost 7 million low-income families in the 2004 tax year.

The President  reiterated his dedication to permanent repeal of the Death Tax. “We need to make sure the Death Tax doesn’t come back to life. We need to keep the tax relief we enacted for investors and small businesses. We need to reform the tax code to make it simpler, easier to understand, and pro-growth. To keep the economy growing, we need to reduce the burden of regulation on small businesses.”