FOXX BLOCKS TAX HIKES

Wednesday May 10, 2006

FOR IMMEDIATE RELEASE
CONTACT: Amy Auth
202-225-2071

WASHINGTON – United States Rep. Virginia Foxx (N.C.-5) took action today to prevent tax increases on working families, seniors and small businesses by voting for the conference report for H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005. 

“I was happy to support this bill to help every American family keep more of their hard-earned money,” said Rep. Foxx.  “Lower taxes and pro-growth economic policies have created millions of American jobs and have prompted 32 consecutive months of job growth. Unemployment is lower than the average of the 1960s, 70s, 80s and 90s.  Our GDP is growing and consumer confidence is high.  It only makes sense to extend the tax relief that helped bring about our economic growth in the first place.” 

The Tax Increase Prevention and Reconciliation Act will do the following:

Prevent a middle-class tax hike by extending alternative minimum tax relief for an additional year.

Extend the increased limit on small business expensing.

Extend the lower tax rate on dividend income through 2010, preventing a $13 billion tax increase over the next four years.  Half of all taxpaying senior citizens will benefit, including many who live off of their dividend income.

Extend the lower tax rate on capital gains income through 2010, preventing a $7 billion tax increase over the next four years.  Nearly 1 in 3 senior citizens will benefit.

Rep. Foxx said it is unfortunate that some of her colleagues in the minority party continue to fight against extending tax relief.  “The only thing they want to do is raise taxes and spend your money.  This mentality puts the family checkbook and America’s prosperity at risk,” she said.

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