In that $140 million, the categories of tax relief will be individual income tax, corporate tax, investment tax credit enhancements and broadband connectivity geared toward our rural areas. There will be an increase for senior citizens in the grocery tax credit, and I am recommending that for young families that the childcare tax deduction become a tax credit, and an increase in the allowance on elderly dependent care. We will have for the first time research and development tax credits. It is a well-rounded, inclusive program.
We are writing to request equal treatment between states and the federal government on estate tax changes. Regardless of oneís view about phasing out the federal estate tax, the Governors are absolutely united in opposing any action that would discriminate against states in the phase-out of the state and federal estate taxes. This issue needs to be addressed before the Senate goes to conference with the House.
Governors believe that the ability of states to independently determine their own tax revenue policy is a basic tenet of federalism. Moreover, no federal tax bill should be enacted without close consultation with the states.
At the very least, there must be equity in the treatment of the state death tax credit in the tax bill the Congress considers with the proposed phase-out of the federal estate tax. Governors oppose provisions that impose disproportionate impacts on state revenue systems. The changes proposed by the Senate would have abrupt, significant adverse impacts on state revenues at a particularly onerous time for many states. The potential impact on states would begin next year and have a potential impact of between $50 and $100 billion over the next ten years.
We urge the leaders to respect those rights and to restore fairness.
|Other candidates on Tax Reform:||Dirk Kempthorne on other issues:|
George W. Bush
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