May 11, 2006

Doolittle Supports Extension of Tax Cuts
Bill Also Expands Veterans Benefits

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WASHINGTON, D.C. –  House Republican Conference Secretary John T. Doolittle (R-Roseville) today supported passage of H.R. 4297, The Tax Increase Prevention and Reconciliation Act of 2005. H.R. 4297 is a compressive tax bill that will save taxpayers nearly $70 billion over the next five years. Most notably, it extends the dividend and capital gains tax cuts of 2003 for another two years, until 2010.

“With the spark provided by the tax cuts enacted in 2003, the U.S. economy is the envy of the world. Job creation is booming and the unemployment rate recently dropped to 4.7 percent, which is far below the average of the 1970s, 80s, and 90s,” Doolittle stated. “We need to extend these tax cuts to sustain America’s strong economic growth. Failure to do also would amount to planning for a tax increase.”

The bill:

  • extends the reduced rates on capital gains and dividends for two years which will encourage continued investment in the economy while allowing investors to keep more of the money they make;
     

  • enhances veterans’ access to affordable mortgages through qualified veterans’ mortgage bond programs that allow states to finance affordable mortgages for veterans. Under current law, veterans are eligible for affordable mortgages only if they served prior to 1977, this provision expands eligibility for the program and repeals the requirement that veterans must have served before 1977;
     

  • extends the small business expensing provision of Section 179 from 2008 till 2010; and
     

  • increases the Alternative Minimum Tax (AMT) exemption levels to $62,550 for joint filers and $42,500 for single filers.

“I am particularly happy this bill allows all veterans the ability to qualify for affordable mortgages. Our service men and women shouldn’t be excluded from this benefit simply because of an arbitrary cutoff date,” Doolittle concluded.

U.S. Rep. John T. Doolittle has served in the House of Representatives since 1991.  As Secretary of the House Republican Conference, he is an elected member of the House Republican Leadership.  Doolittle represents California’s 4th Congressional District and serves on the Appropriations Committee, Energy and Water, Agriculture, and Interior Subcommittees, and the House Administration Committee.