"Now is a good time to give hard-working taxpayers a well-deserved break," said Grassley."The U.S. economy continues to enjoy remarkable growth and the federal treasury is runningsurpluses as far as the eye can see."
The Tax Relief for Working Americans Act of 1999 would save taxpayers nearly $300 billionover ten years. It would end the unpopular marriage penalty for many taxpayers and accelerate the$30,000 Social Security earnings limit from 2002 to 2000.
In addition, the tax relief package would provide tax breaks to expand access to healthinsurance and long-term care coverage, preserve child care and education tax credits for middle-income families, increase affordable housing, make permanent the R&D tax credit, and extend forfive years the wind energy and biomass tax credits.
The U.S. farm economy is expected to weather another unprofitable growing season.Grassley said his tax bill would help family farmers to survive the income and price fluctuationsinherent in agriculture by giving them more flexibility to manage their risk. The bipartisan tax reliefbill includes the Grassley initiative to enable farmers to contribute up to 20 percent of their annualincome to tax-deferred savings accounts over a five-year span.
Sen. Dianne Feinstein of California the lead co-sponsor of the bill. Grassley is a seniormember of the tax-writing Senate Finance Committee.