FOR IMMEDIATE RELEASE
Thursday, March 13, 2008

Isakson Votes to Extend Tax Cuts
Voices Disappointment at Senate’s Refusal to Pass Amendment     

WASHINGTON – U.S. Senator Johnny Isakson, R-Ga., today voted for an amendment to the Fiscal Year 2009 Budget Resolution that would have extended the tax cuts passed by Congress in 2001 and 2003. 

 “President Bush’s tax cuts in 2001 and 2003 lowered tax rates for individuals, businesses, dividends and capital gains, eliminated the marriage penalty and scaled back the alternative minimum tax and the death tax,” Isakson said. “We absolutely cannot afford to abandon the very strategy that has created jobs, allowed businesses to expand and left more money in the pockets of our families. Letting American taxpayers keep more of their hard-earned money pays far better dividends than sending that money to Congress to spend on another government solution”

The amendment would have created room in the budget to make permanent the individual income tax rate structure. Current marginal tax rates are 35 percent, 33 percent, 28 percent, and 25 percent. If these rates are allowed to expire on December 31, 2010, Americans will be hit with new higher tax rates of 39.6 percent, 36 percent, 31 percent and 28 percent.

The amendment would also have lowered the rates on capital gains and dividends as well as increased the exemption for the estate tax, also known as the "death tax," from $2 million to $5 million. The amendment failed by a 47 to 52 vote.

Isakson was a co-sponsor of the legislation enacting the tax cuts, which Congress passed in 2001 and 2003. He has continued to be a strong supporter of making the tax cuts permanent.     

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