ISSUES - TAXES AND ECONOMIC GROWTH
As Chairman or Ranking Member of the Senate Budget Committee for the better part of the last 25 years, Senator Domenici had developed a reputation as the leading expert on federal budget policy and its relationship to the national economy. One of his greatest achievements in this arena is passing four consecutive balanced federal budgets (fiscal years 1998 through 2001). While he stepped aside as Chairman of the Budget Committee to take over as Chairman of the Senate Energy and Natural Resources Committee, he remains a senior member of the Budget Committee and continues to play a vital role in shaping the United States' fiscal policy.
Senator Domenici has long supported a shift to biennial federal budgeting. As it currently stands, the United States Congress spends close to half of each legislative year working on the budget and spending bills. Because so much time is spent on these bills every year, the American people lose out on the benefit of other legislation that could be considered.
Recognizing that the nation's economy has suffered from a recession caused in large part by the terrorist attacks of 2001, the War on Terror, and the decline of the stock market, Senator Domenici sided with President Bush in support of an Economic Jobs and Growth Package to stimulate the nation's economy. The growth package will reduce the taxes that have worked against the kind of economic activity necessary for job-creating growth.
Also in the tax arena, Senator Domenici has again introduced the Art and Collectibles Capital Gains Tax Treatment Parity Act. This legislation is designed to fix two inequities in the Internal Revenue Code by lowering the top capital gains rate for art owners who sell their collection and, establishing a fair-market deduction for artists who donate their works to charity. With Santa Fe having the 3rd largest art market in the country, Senator Domenici is keenly aware of the impact this unfair policy has on investment in the arts.
For more information on taxes, please visit:
http://www.irs.gov/
For more information on the Senate Budget Committee, please visit:
http://budget.senate.gov/
For more information on Senator Domenici's views and activities on taxes and economic growth, visit our online News Center.
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