FROM THE OFFICE OF PUBLIC AFFAIRS

May 19, 2004
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Treasury Secretary Snow Statement on House Passage of
the Budget Resolution

Provides Protection to Extend Expiring Tax Cuts

Today the House of Representatives acted on a measure that is both sound fiscal policy and solid common sense. Their vote provides the legislative protections needed to extend the current child tax credit of $1,000, the current marriage penalty relief, and the current 10% bracket-all of which are set to expire at the end of the year. Preventing a tax increase on millions of married couples, families with children, and those in the lower income brackets is a top priority. Returning the peoples' money to them in the form of tax cuts should not be put on equal footing with budget rules that hold Congress accountable for their spending appetites.  I hope Senators recognize the importance of helping our nation's families and urge them to act quickly to make sure millions of taxpayers don't get hit with a tax hike.

The President is committed to allowing hard-working individuals and families keep more of their own money to help pay for their children's education, invest for retirement, and spend as they see fit.  

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