Federal Tax Relief
* While there continues to be a discrepancy on both sides of the Congressional aisle regarding the amount of federal tax relief, several provisions in the bill are essential to keep our economy strong.
First, lower the capital gains tax. That would certainly provide more jobs to American workers and encourage continued investment in our economy.
Second, eliminate the marriage penalty. It is grossly unfair and currently affects more than 42 million married taxpayers.
Finally, eliminate the death tax. When the owner of a family business or farm dies, his or her heirs are left to pay tax rates as high as 55%. To pay that excessive tax, a business that has been in the family for generations can be lost, and all its employees lose their jobs as well.
Rep. Elton Gallegly (R-Simi Valley) is working hard on these issues and deserves our support. Let’s hope that Congress can get together on these issues and, if necessary, compromise on the amount of the tax cut to achieve these three provisions.
The American people would be the true beneficiary.
PAUL LEAVENS
Chairman
Ventura County Republican Party
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