The tax cuts first championed by President Peeta Mellark and Vice President Rebecca Tarson became law today following intense debate on Capitol Hill.
The Tax Relief Act, informally known as the Mellark tax cuts, was passed through the House of Representatives by a party-line vote of 157 (Liberty, Conservative, Centre, and an Independent) to 43 (Red-Green Coalition) last week after an intense debate over the past two weeks. It then went to the Senate who passed the bill today by a margin of 21 to 9. The bill then headed to the President’s desk today, where he signed it into law.
The tax cuts, laid out by Mellark and Tarson during their presidential and vice presidential campaign and later detailed in their plan for their first 100 days in office, included multiple cuts for many categories. The first was that of a reduction for average citizens from the previous standard income tax rate of sixty percent to twenty-five percent for the highest earning salaries. Second, the cuts also abolished the longstanding estate tax, which taxed citizens up to half of all inherited estate following the death of a loved one. And third, the cuts also cut the corporate tax rate from forty-five percent to twenty-five percent.
The Mellark administration, following the announcement of the passing of the tax cuts, noted that the next priority (which is already in progress) is the restructuring of the tax code.