Republican Tax Cut Package. The Republican tax plan would implement several tax cuts over a 10-year period. The legislation would cut the income tax rate by one percent beginning in 2005, but the tax cut would sunset by 2009. The measure would also cut the capital gains rate immediately by two percentage points, eliminate the marriage penalty under income taxes (starting in 2001), and phase out estate taxes until 2009 (after which the tax would be higher than current law).
The Republican Party trumpeted this bill as being a $792 billion tax cut, and the White House lobbied furiously against it claiming that the cuts were irresponsible. But the $792 billion figure is mere political posturing, since it is not only the projected total for a 10-year period but is based on projected costs in future years. Nevertheless, the bill was better than no tax cut at all and was deserving of support.
The Republican Tax Cut, H.R. 2488, passed the House on August 5, 1999 by a vote of 221-206 (Roll Call 379). We have assigned pluses to the yeas.
