I want to take a few moments to focus on what I believe is the most overlooked, under-reported aspect of the Republican tax cut plan: its direct impact on women and families.
For starters: The Republicans want a $500 per child tax credit for working families with children. Under our present tax code, parents in working families, especially working mothers, have less and less time to spend raising their children. In fact, government figures show that the average working mother spends more time working to pay her taxes than she spends with her child each week. As a working mother, I can tell you, that is very, very tough. It's stressful and it's painful. A Republican Administration will give families the tax relief that they were promised in 1992, but never received. Well, you know the old saying, "better late than never." That extra $500 each year for each child under age 18 will be actual dollars not paid in income tax and will remain in the checking accounts of the parents so that they can decide how to spend it.
Now let's take a look at how the Republican tax cut plan will impact single-working women. Did you know that there are over 25 million single working women in America? That's a lot of independent and self supporting people. And each and every one of them is overtaxed. But those days will soon come to an end. Under the Republican 15% tax cut, a single woman with no children earning $30,000 in annual salary, will save over $500 in income each year. A single mother with two children will save one thousand five hundred and nineteen. I asked a young, single woman I know what she would do with the extra money she would save under the Republican 15% tax cut plan. Without even having to think about it, she said she would do four things: 1] she would take a trip home to see her family in Seattle, 2] she would move into a safer neighborhood, 3] she would put some money away in savings, and 4] she would quit her second job. That's a pretty important list of improvements she would be able to make to her life. I suspect that every woman in America could think of a few things she would do with a little extra money.
The Republican 15% percent tax cut is simple, it's fair, and it will apply to every single woman, regardless of income. More single women will be able to save and invest for their future in a way that they choose. And for those women, more take-home pay and more savings does not just mean a more secure retirement - it also means more money for education, or medical emergencies, or the purchase of a home. I can't think of a better way to empower the hardworking, American woman.
And let's take a look at how small business will be affected by the Republican plan: Today, by the way, more people are employed by women-owned small businesses than by all the Fortune 500 companies in the world. But when you think of small businesses -- you usually don't think of women. You should. Today, 6.4 million women own small business in America and, women are starting new businesses at twice the rate of men. In fact, it is anticipated that in the 21st Century, women will own half of all the small businesses in America.
So what are these women owned businesses looking for? Exactly what all of America's small businesses want and need. Growth and prosperity, less regulation, lower payroll taxes, sensible laws, and health insurance deductibility for the self-employed. That's a tall order, but we can get it done. Just look at what the Republicans will do for small business men and women:
- we will increase the estate tax exemption for businesses so that family owned businesses can stay in the family.
- we will cut the Capital Gains tax rate by 50%, which will help small business owners and also free up new capital that can be invested in new and growing small businesses
- we will restore a meaningful home office tax deduction to provide relief to the growing number of home-based small businesses, and
- we will increase to 100% the tax deduction for health insurance costs for self-employed small businesses.
In fact, when we have a Republican administration - as well as a Republican Congress - small business owners can expect sustained economic growth, more jobs and better wages...sounds a bit like the American Dream? Well, that is part of the American Dream.
Working mothers... women small business owners... and single working women. The bottom line is: women and families will simply do better in a Republican Administration.
The Republican Party is committed to moving America forward - without leaving anyone, especially women, and children behind. At every opportunity, Republicans will be talking about their plan that will let you keep more of your hard earned dollars in order to spend, save, and invest them as you see fit. That's why we've proposed the 15% across the board tax reduction, and a $500 per child tax credit for lower and middle income families. Our economic package will reinvigorate the economy, and it will provide more jobs and more opportunities. Think about it, more opportunities for our children. More opportunities for our parents. More opportunities for women.
So I ask you, what impact will the Republican tax cut plan have on women and families? Here's what it will do: it will put the American Dream within reach of each and every one of us.
Speech from http://gos.sbc.edu/d/dunn2.html.