NEWS Release

U.S. Rep. Sue Myrick

House of Representative Seal
 

Representing North Carolina’s Ninth District                                                                        

FOR IMMEDIATE RELEASE
May 11, 2006
Contact:  Andy Polk
(202) 225-1976
 

Myrick Votes to Prevent Tax Increases
Extends Tax Cuts for Families, Seniors, and Small Business Owners

 

(Washington, D.C.) – Last night, U.S. Representative Sue Myrick (NC-9) voted for H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005.  This bill extends alternative minimum tax relief for middle class Americans, allows small business to increase their tax expensing, and helps maintain the current low tax rates on capital gains and dividends. 

“This bill will prevent tax increases on millions of middle class families, and will allow millions of seniors to keep more of their money,” said Rep. Myrick.  “This bill will also create jobs.  More than 2 million new jobs have been created in the last year and this bill will help this trend continue.” 

The Tax Increase Prevention and Reconciliation Act will extend alternative minimum tax relief through 2006.  It will extend the increased limit on small business expensing, which means small businesses have an incentive to expand and create more jobs. 

This bill will extend the low tax rate on dividends through 2010, which prevents a $13 billion tax increase on investors over the next four years.  One in two taxpaying seniors will benefit from this lower dividend rates.  This bill will also extend the low tax rate on capital gains income through 2010, thus preventing a $7 billion tax increase over the next four years.  Almost one in three senior citizens will benefit from lower capitol gains tax rates.

Since August 2003, more than 5.2 million jobs have been created thanks to lower tax rates on businesses and American families.  The national unemployment rate has dropped to 4.7 percent, which is lower that the average of the 1960s, 1970s, 1980s, and 1990s.  This legislation will help make sure that tax rates remain low so that more jobs are created, and so that more families get to keep more of their hard earned money.   

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