78R5151 RVH-F

By:  Taylor                                                     H.C.R. No. 69 

WHEREAS, President Bush has proposed an economic growth and tax relief plan designed to strengthen the American economy and deliver critical help to unemployed citizens; and WHEREAS, President Bush's plan removes the double taxation on dividends, speeds up tax cuts already passed in 2001, increases business expensing, and helps unemployed workers in order to hasten economic recovery and encourage job creation; and WHEREAS, A strong stock market benefits all Americans; more than 50 percent of the population invests in the stock market, and senior citizens receive 50 percent of all dividend payments; and WHEREAS, Everyone who invests in the stock market and receives dividend income--especially senior citizens--will benefit from the elimination of the double taxation on dividends; and WHEREAS, Each person who pays taxes, especially middle-income Americans, will receive additional relief by the accelerated reduction of the marriage penalty tax, a faster increase in the child tax credit, and the immediate implementation of the new, lower 10 percent tax bracket; and WHEREAS, Every small business owner who purchases equipment will benefit greatly from the increase in expensing limits from $25,000 to $75,000, which in turn will help grow the business, allow for reinvestment of capital into the economy, and create jobs; now, therefore, be it RESOLVED, That the 78th Legislature of the State of Texas hereby respectfully urge the Congress of the United States to support and pass President Bush's 2002 Economic Growth and Tax Relief Plan; and, be it further RESOLVED, That the Texas secretary of state forward official copies of this resolution to the president of the United States, to the speaker of the house of representatives and the president of the senate of the United States Congress, and to all the members of the Texas delegation to the congress with the request that this resolution be officially entered in the Congressional Record as a memorial to the Congress of the United States of America.