"I supported the final

tax plan because it increases the child tax credit, eliminates the marriage

penalty, helps small businesses, and provides aide to fiscally strapped

states like Georgia. While it is not perfect, I believe that the tax cut

was a major compromise by the President in response to demands by moderate

members," Scott said.

The measure contains $318 billion

in outright tax cuts, $20 billion in financial aid to states and $12 billion

in refundable credits for working families ­ direct payments to those

who don't earn enough to pay income taxes.

Most dividends and capital

gains would be taxed at 15 percent. Taxpayers in the lowest two tax brackets

would pay a five percent rate on dividends and capital gains.

The cuts would also expand

the child credit, now $600, to $1,000; immediately lower income tax rates

that were scheduled to phase in through 2006; end the "marriage penalty";

expand investment tax breaks for large and small businesses; and grant

$20 billion in aid to cash-strapped state and local governments.

"The quick signature by

the President should ensure that paycheck withholding levels could be

adjusted by July 1, so workers would see a bump in their take-home pay

for half of the year," Scott said. "About 26 million low- and

middle-income families would also receive refund checks of $400 per child

The President initially insisted

on a $726 billion package that would eliminate all taxes on dividends

paid out of fully taxed corporate earnings. Later he advocated that at

least $550 billion in cuts were essential to improve the economy. This

final tax cut package would total $350 billion over ten years and is more

fiscally responsible than the President's earlier plans.