Wednesday, March 28, 2001
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Wednesday, March 28, 2001 |
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Collins introduces tax rebate bill U.S. Rep. Mac Collins introduced tax relief legislation Tuesday which includes a tax 5 percent rebate designed to jumpstart the nation's stalled economy. "If a patient is sick today, you don't wait a year before giving them medicine," Collins said as he introduced the Emergency Economic Revitalization Act. "Every American who paid taxes in 1999 would get a 5 percent rebate under my legislation. They would get this refund this year, when it is needed." Collins, a Republican representing Fayette and several other west Georgia counties, argued that in the past Congress has frequently provided emergency funds for specific groups suffering economic loss. "Following that precedent, it is time that we provide emergency relief for those who bear the brunt of the current ailing economy," he said. "They are the same group who, because of this emergency assistance, will have the greatest ability to provide an economic rebound - the taxpayers." Current tax proposals that phase relief in over two, five or ten years won't help today's economic slowdown, while a rebate would provide immediate help, Collins said Collins said President George W. Bush has taken the lead in returning tax overpayments to taxpayers with his $1.62 trillion tax relief plan, but noted that the plan was drawn up when the U.S. economy was stronger than it is today. "We are at the beginning of an economic emergency," Collins said. "While the tax measures currently moving through Congress provide limited tax relief for future years, they are simply not enough to make a real economic difference today. "My legislation will provide relief this year, yet it will not breach the $1.6 trillion threshold the president has established for fiscal year 2002 and beyond," he said.
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