HOUSE JOINT MEMORIAL 57

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Daniel R. Foley

A JOINT MEMORIAL

REQUESTING THE CONGRESSIONAL DELEGATION OF THE STATE OF NEW MEXICO TO SUPPORT AND VOTE TO MAKE THE FEDERAL TAX CUTS PERMANENT.

     WHEREAS, each year President Bush has proposed and congress has enacted a tax cut designed to strengthen the American economy and increase employment opportunities for working families; and

     WHEREAS, tax cuts signed into law reduced income taxes for all taxpayers, eliminated the marriage penalty and death tax, increased the child credit rebate and business expensing, expanded individual retirement accounts and cut the double taxation of dividends and capital gains; and

     WHEREAS, economic growth stemming from the latest tax cut accelerated at its fastest rate in twenty years in the third quarter of 2003; and

     WHEREAS, provisions set forth in the tax cut are set to expire starting in 2005 and will be completely phased out by the year 2012; and

     WHEREAS, expiration of the existing tax cuts will increase taxes by fifty percent for lower-income families, the child credit will fall by fifty percent, the marriage penalty will be reinstated, education savings will be taxed, retirement savings will shrink and every taxpayer will face an income tax increase; and

     WHEREAS, expiration of the existing tax cuts will result in the largest tax increase in American history and will stifle economic growth; and

     WHEREAS, making all the tax cuts permanent will allow taxpayers to feel more confident investing in their child's college or savings for retirement, all while ensuring increased economic growth;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the New Mexico congressional delegation be requested to support and vote to make President Bush's tax cuts permanent; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the New Mexico congressional delegation.

- 2 -