Taxes

There is no question that our current tax system is incredibly complicated and in need of simplification.  I support efforts to reform our tax code so that it is easier to understand and comply with the law.  At the same time, I believe any reform of the tax code must be fair and should not punish success achieved through hard work and innovation.
 
I strongly support legislative efforts to reduce the tax burden on hardworking men and women.  The Jobs and Growth Tax Relief Reconciliation Act (Public Law 107-16) keeps our economy moving forward and creates jobs in southern and eastern Kentucky by providing tax relief to small business and working families.  This legislation accelerated the income tax reductions passed in 2001, increased the child tax credit, and reduced the marriage penalty and tax rates on dividends and capital gains.  Additionally, the legislation expanded small business expensing and depreciation rules. 
 
I am also a long-time proponent of legislation that seeks to permanently end the “estate tax,” which is also known as the death tax.  The loss of a loved one is hard enough to face without the threat of the federal government claiming much of what a parent or spouse spent a lifetime building, whether that is a family home, savings account, farm or small business. In 2001, Congress passed legislation reducing the death tax gradually but the law requires Congress to enact a permanent fix by 2010.