Tax Cut Plan to Benefit Most Families - KCBD NewsChannel 11 Lubbock

5/23/03

Tax Cut Plan to Benefit Most Families

It was a close vote that took the Vice-President to decide, but Congress has finally passed a tax cut package. The senate passed the $350-billion tax cut plan Friday morning, just a few hours after the house had given its stamp of approval. Republicans say its exactly what America needs to revive the economy. Democrats argue it will only increase the national debt. But one thing is for sure, most people will see more money in their pocket.

The plan will refund families $400 per child, but there are some limitations. "The lowest households that have no tax to refund will receive no check. And high income tax pages who make more than $120,000 will also not benefit from this tax credit," said Marsha Teichelman, Accountant.

It will also mean bigger paychecks this summer because income tax withholding rates will go down. It now goes to the president's desk, where he's expected to sign it next week.

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