Washington,
Dec 8, 2005 -
Congressman Scott Garrett today issued the following statement following House passage of H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005.
"New Jerseyans deserve a tax break this Holiday Season," Garrett said. Congress must promote pro-growth policies and extend tax relief to ensure that Americans are able to keep more of their own hard earned money. I am pleased to have supported legislation that will benefit virtually every working American and continue to steer our economy on the path of continued growth."
The key provisions in this legislation include extending the reduced tax rates on capital gains and dividend income through 2010. According to the Joint Committee on Taxation, over 60 percent of Americans receiving capital gains or dividend income have incomes of $100,000 or less and stand to benefit from the passage of today’s bill. Additionally, the bill included credits for Alternative Minimum Tax liability. This AMT relief works in addition to the bill Congress passed yesterday extending AMT exemptions to the 20.5 million American families erroneously affected by the tax.
