Since coming to Congress, Rep. Mica has been a strong advocate for providing relief to our nation's taxpayers.  He has voted for several tax relief initiatives that have led to periods of the fastest economic growth, lowest unemployment, and highest federal revenues in our nation's history.  As our nation went into a recession in 2001 it was imperative that Congress act to provide tax relief to stimulate consumer spending and economic growth.  Since enactment of such legislation, our economy has grown dramatically, our unemployment level is lower than the 1970s, 1980s, and 1990s, all while inflation has been held in check. 

     The chart below outlines major provisions of several important tax reductions that have led to our economic expansion (You may also click on the bill title to be directed to a complete summary of the provisions of that legislaton):
 
 

Taxpayer Relief Act
August 5, 1997

Economic Growth and Tax Relief Act
June 7, 2001

Jobs and Growth Tax Act
May 28, 2003

 Working Families Tax Relief Act
October 4, 2004 		Tax Increase Prevention and Reconciliation Act
May 17, 2006
Income Taxes - Maintained exisiting tax brackets of 15%, 28%, 31%, 36%, 39.6% - Created 10% income tax bracket and lowered all existing brackets to 15%, 25%, 28%, 33%, and 35% - Accelerated eligibility for 10% tax bracket to $14,000
- Increased Alternative Minimum Tax (AMT) exemption to $58,000 for joint filers and $40,250 for individuals		 - Extended AMT relief through 2005 - Increased AMT exemption to $42,500 for individuals and $62,550 for joint filers through 2006
Capital Gains Relief - Reduced tax rate from 28% to 20% Maintain Current Law - Reduced tax rate from 20% to 15% through 2008 Maintain Current Law  - Extended 15% rate through 2010

Child/Family Tax Credits

 - Created $500 tax credit per child - Doubled tax credit to $1,000 per child
- Permanently increased adoption tax credit to $10,000
- Increased dependent care tax credit to 35% of qualifying income 		Maintain Current Law - Extended $1,000 child tax credit through 2009 Maintain Current Law
Marriage Penalty No Provisions - Eliminated the Marriage Penalty Maintain Current Law - Extended elimination of the marriage penalty relief through 2008 Maintain Current Law
Retirement Taxes - Increased income limits for active participants with respect to the IRA deduction and removed limitation on spousal participation
 - Increased to $2,000 annual contribution limit
for Education IRAs
 No Provisions No Provisions - Repealed income limitations on conversion of IRAs to Roth IRAs
Education Relief - Waives 10% penalty for early IRA withdrawals used for higher education
- Increased interest deduction to $2500 for first 5 years of student loan repayment

- Increased deduction for higher education expenses to $4000 and expanded eligibility to primary and secondary school
- Eliminated the 60 month limit on student loan interest deduction

No Provisions No Provisions No Provisions
Estate and Gift Tax

- Increased estate and gift tax credit to
$1 million
- Exempts $1.3 million in value of family-owned businesses

 - Eliminated tax through 2010 Maintain Current Law Maintain Current Law  Maintain Current Law
Business Taxes No Provisions - Revised provisions concerning timing of payment of corporate taxes owed - Increased business expense deduction from $25,000 to $100,000 and includes off-the-shelf computer software No Provisions - Increased business depreciation deduction from $25,000 to $100,000
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