Fiscal Responsibility/Taxes

WASHINGTON – U.S. Rep. Benjamin L. Cardin, a senior Democrat on the Ways & Means Committee, today offered a motion to instruct the conferees considering the tax cut measure on the most effective ways to achieve tax relief for middle-income Americans without increasing the budget deficit.

WASHINGTON – U.S. Rep. Benjamin L. Cardin said today that more than 750,000 Marylanders could be affected by $12 billion in cuts to the Medicaid program contained in the Reconciliation Bill. The bill – which passed the House early this morning – contains a cut of $165 million in Medicaid funding for Maryland.

Mr. Speaker, tonight the House leadership is making a second attempt at passing its 2005 budget reconciliation bill. This is still the wrong bill at the wrong time for America, and I will oppose it.

Taxpayers who did not receive their anticipated refund can use "Where's My Refund" link on the IRS website www.irs.gov to check on the status of the missing refund. Taxpayers without Internet access can call to check on a missing refund, toll free, 1-800-829-1040.

For many American families, saving for their children’s college tuition is hard. It can be difficult just to pay current bills, let alone the expense of a college tuition that may be years away. To help families save for college, Congress passed a tax exemption for college savings plans in 2001 that would allow families to save for college without paying taxes on their savings.

WASHINGTON – U.S. Reps. Benjamin L. Cardin, D-MD, and Nancy Johnson, R-CT, today introduced bipartisan legislation to extend and make permanent the research and development (R&D;) tax credit. The bill also will expand the credit by raising the percentage levels of the alternative research and development credit and creating a third level of alternative simplified credit for qualified research expenses to encourage more companies to pursue R&D.;

WASHINGTON – U.S. Rep. Benjamin L. Cardin, a member of the Ways & Means Committee, has co-sponsored legislation to end the practice of hiring private debt collection agencies to collect taxes from Americans. In 2004, Congress passed legislation to privatize tax collection, a duty that had always been carried out by the Internal Revenue Service. (IRS).

WASHINGTON – U.S. Rep. Benjamin L. Cardin today introduced bipartisan legislation to provide a homeowners tax credit to encourage the construction and rehabilitation of homes for low-and middle-income families in economically depressed areas. It will help an estimated 50,000 Americans achieve the dream of homeownership each year.

WASHINGTON – U.S. Rep. Benjamin L. Cardin sharply criticized House passage of legislation that would privatize tax collection and turn it over to private debt collection companies. The provision to privatize IRS tax collection was buried in an international corporate tax bill that passed the House Thursday by a 251 to 178 vote.

WASHINGTON – On the eve of House consideration of the FY2005 budget resolution, U.S. Rep. Benjamin L. Cardin today denounced President Bush’s FY 2005 budget as "dangerous to our economic future because it will saddle our children and grandchildren with so much debt they will be unable to address critical needs."

WASHINGTON – U.S. Rep. Benjamin L. Cardin said today that President Bush’s budget for FY 2005 "saddles our nation with a $521 billion deficit that will compromise our ability to fund top priorities such as homeland security, the War on Terrorism and education, adding to our already staggering $7 trillion national debt.."

WASHINGTON – U.S. Rep. Benjamin L. Cardin today said the new Congressional Budget Office projection of a $480 billion budget deficit for 2004 "could seriously undercut the economic recovery and make it much harder to provide the necessary resources for homeland security and the Iraq and Afghanistan wars."

WASHINGTON – U.S. Rep. Benjamin L. Cardin has co-sponsored legislation that would provide low-income families with the same child tax credit that was extended to wealthier families in the recently enacted Republican tax bill. The Democratic-supported measure would extend the additional $400 child tax credit to 6.5 million families, affecting some 12 million children. The proposal is fully paid for by closing loopholes in corporate taxes.

WASHINGTON -- Rep. Benjamin L. Cardin today introduced legislation to modernize the Supplemental Security Income (SSI) program by increasing incentives for working, saving, and education. SSI was created in 1972 to provide low-income disabled and elderly Americans with a basic level of support.

WASHINGTON – U.S. Rep. Benjamin L. Cardin today warned Marylanders that the $550 billion tax cut being considered this week by the House of Representatives will hurt Marylanders and exacerbate an already serious state budget crisis.

Expanding and Making Permanent Tax Credits for Low & Moderate Income Savers - "The Savers Credit" enacted in the 2001 Economic Growth and Relief Reconciliation Act (EGTRRA) is currently set to expire in 2006. This credit reduces the tax bill for individuals who contribute to a workplace retirement plan or IRA. Under the current credit, single filers with incomes of up to $25,000 and joint filers with incomes of up to $50,000 are eligible for a non-refundable tax credit of up to $2,000. The Protecting America's Savings Act would make this credit permanent, expand the percentage of the credit, and increase the income level of eligible beneficiaries to $32,500 for single filers and $65,000 for joint filers.

WASHINGTON – Rep. Benjamin L. Cardin, author of pension reform legislation that would give employees more control over their retirement investments, today voted against a Republican pension bill that "lacked some key protections for employees if we want to avoid future Enrons."

Millions of Americans are facing the need to save more to assure a comfortable and secure retirement. I sponsored legislation that would increase incentives and the opportunities for workers to save for retirement and for employers to provide pension plans.

WASHINGTON - Rep. Benjamin L. Cardin's Comprehensive Retirement Security and Pension Reform Act, HR 10, overwhelmingly passed the House of Representatives today by a 407-to-24 vote. The bipartisan legislation, which was introduced by Reps. Benjamin L. Cardin, D-MD and Rob Portman, R-OH, will make it possible for more Americans to save for retirement by making it easier, especially for small businesses, to establish private pension plans that will encourage their workers to save.

WASHINGTON -- Rep. Benjamin L. Cardin today joined Rep. Rob Portman (OH) in reintroducing legislation that would encourage more Americans to save for their retirement by making it easier for them to contribute to private pension plans. The measure, which passed the House last summer overwhelmingly by a 401-25 vote, would provide relief to small businesses by removing some of the burdens of administering pension and retirement plans.

WASHINGTON -- - Rep. Benjamin L. Cardin joined with Reps. Jim Nussle, R-Iowa and Porter Goss, R-Florida, in reintroducing The Comprehensive Budget Process Reform Act, a bipartisan proposal that would reform the federal budget process. Reps. Cardin and Nussle originally introduced this bill in the last Congress.