Washington, D.C., Jul 29 -  

U.S. Rep. Steve Pearce joined a majority of his colleagues in the U.S. House of Representatives this morning in passing legislation providing long-awaited permanent death tax relief and business tax cut extensions, as well as a phased increase in the federal minimum wage from $5.15 per hour to $7.25 per hour by June 1, 2009.

H.R. 5970, Estate Tax and Extension of Tax Relief Act of 2006, permanently raises the federal individual estate tax exemption to $5 million as of January 1, 2015, while extending business tax cuts such as the Research & Development Tax Credit and the Work Opportunity Tax Credit until the end of 2007.

“This compromise legislation demonstrates how, through a creative, comprehensive approach, we can help low-income workers while protecting jobs and remaining fair to small businesses,” Rep. Pearce said. “Raising the minimum wage by itself created the possibility of large-scale job losses. By contrast, pairing a minimum wage increase with these essential tax relief measures can strengthen our economy across the board.

“We have also vindicated a time-honored principle: New Mexicans who have worked hard all of their lives in order to pass along their business, their farm, or their ranch to their children should have the right to do so without the interference of the federal tax collector.”