On Wednesday, July 12th, 2000, a very important piece of legislation for the Republicans was voted in by the House of Representatives ,by a margin of 269-169, to become law. A famous piece of tax legislation, the marriage tax penalty, which costs the average couple $1400 per tax year was voted to be repealed.
The Senate is expected to vote on this shortly. The value of the marriage tax cut exists for the married couples that pay taxes. They have felt for the past few years that the penalty has been in effect that they are being penalized for being married.
But now the tax cut seems real, even though there is some resistance from the Democrats who want to use the 26 billion dollar surplus on Social Security and Medicare. The President had even threatened a veto but now even he is willing to work out an agreement if his piece of legislation that concerns Medicare and prescription drugs is passed.
So hopefully the Senate will pass the legislation and all the married couples who have to file a tax return for the year 2000 will breath a sigh of relief.
