SF 542

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                             A resolution
  1.2             memorializing Congress to pass President Bush's 2003 
  1.3             economic growth and tax relief plan. 
  1.4      
  1.5      WHEREAS, President Bush has proposed an economic growth and 
  1.6   tax relief plan designed to strengthen the American economy and 
  1.7   deliver critical help to unemployed citizens; and 
  1.8      WHEREAS, President Bush's plan removes the double taxation 
  1.9   on dividends, speeds up tax cuts already passed in 2001, 
  1.10  increases business expensing, and helps unemployed workers in 
  1.11  order to speed up economic recovery and encourage job creation; 
  1.12  and 
  1.13     WHEREAS, over 50 percent of the population invests in the 
  1.14  stock market and senior citizens receive 50 percent of dividend 
  1.15  payments, so that a strong stock market benefits all Americans; 
  1.16  and 
  1.17     WHEREAS, everyone who invests in the stock market and 
  1.18  receives dividend income, especially senior citizens, will 
  1.19  benefit from the elimination of the double taxation on 
  1.20  dividends; and 
  1.21     WHEREAS, everyone who pays taxes, especially middle-income 
  1.22  Americans, will receive additional relief from the accelerated 
  1.23  reduction of the marriage penalty tax, a faster increase in the 
  1.24  child tax credit, and the immediate implementation of the new, 
  2.1   lower ten percent tax bracket; and 
  2.2      WHEREAS, every small business owner who purchases equipment 
  2.3   will benefit greatly from the increase in expensing limits from 
  2.4   $25,000 to $75,000, which in turn will help grow the business, 
  2.5   allow for reinvestment of capital into the economy, and create 
  2.6   jobs; NOW, THEREFORE, 
  2.7      BE IT RESOLVED by the Legislature of the State of Minnesota 
  2.8   that it urges the United States Congress to support and vote to 
  2.9   enact President Bush's 2003 economic growth and tax relief plan. 
  2.10     BE IT FURTHER RESOLVED that the Secretary of State of the 
  2.11  State of Minnesota is directed to prepare copies of this 
  2.12  memorial and transmit them to the President and Vice-President 
  2.13  of the United States, the President and the Secretary of the 
  2.14  United States Senate, the Speaker and the Clerk of the United 
  2.15  States House of Representatives, and Minnesota's Senators and 
  2.16  Representatives in Congress.