U.S. Senator Larry Craig
Serving the citizens of Idaho
http://craig.senate.gov/

What's At Stake With the Credit Crunch

Read my recent editorial about our current economy.

Key Features

Side-by-side comparison table of features from the initial plan through the final version [PDF].

Text of Legislation

Access the latest Senate version of the legislation [PDF].

Section highlights

An overview from the Senate Banking Committee of the key parts of the legislation.

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

Protecting the interests of taxpayers and Main Street small businesses was and remains my top priority. Since the economic rescue legislation was first proposed, many important provisions the American people demanded have been added. These include strong oversight, no "golden parachute" compensation for CEOs and prohibitions against spending any revenues from the rescue fund on anything other than the national debt.

The version passed by the Senate also includes an important increase in FDIC insurance coverage, as well as a reauthorization of County Payments and several crucial tax breaks for small businesses and individuals.

To answer your questions about this plan, I have included the most current information I have on the bill and encourage you to check back for updates as this issue continues to evolve.

Energy Resources Issue Briefing

A closer look at our nation's energy policy, and why a diverse domestic energy supply is the only way to ensure our security and economic competitiveness.

Craig Joins Senate Republicans in Introducing 'Gas Price Reduction Act

Press release about the introduction of the Gas Price Reduction Act.

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

Over the last year, Congress has taken a hard look at the energy problems this country faces, in order to determine what can be done in the long and the short term to bring relief to American families that are feeling the pinch of high gas prices. I have long believed that the United States must act to open up additional domestic oil resources for exploration. I have been frustrated that time and time again, efforts to take advantage of these domestic resources in order to increase supply and guarantee a secure energy supply have been blocked. Failure to utilize our own resources is one of the primary reasons we are facing our current dilemma.

That is why I am pleased to inform you that I recently introduced S. 2593, the Domestic Offshore Energy Security Act. The DOES Energy Act allows for the exploration and drilling of oil and natural gas resources 45 miles of the coast of Florida, in the Eastern Gulf, an area that is currently off limits. The Act also allows American companies access to Cuba waters for the exploration of these same resources, in order to compete with Canada, India, China, Norway, Spain, and Brazil, who are all purchasing off-shore leases and exploring in Cuban waters. Finally, the DOES Act allows Governors from States along the Southeastern (VA, NC, SC, and GA) to opt in to performing an inventory analysis of oil and natural gas resources off their coasts. With record gas and oil prices, it makes no sense to continue to ban domestic offshore exploration in areas where foreign countries are already preparing to drill. Utilizing our vast, untapped supplies of domestic oil can help wean us off foreign oil while stabilizing the supply available on the market.

On June 26, I also joined with about 44 other Republican Senators in introducing the Gas Price Reduction Act, comprehensive energy legislation that focuses on deep sea oil and gas exploration, Western oil shale production and increased research and development of electric cars and management of energy futures speculation.

High fuel prices affect almost every part of our economy and have an even more serious impact in sparsely populated farming states like Idaho. Despite the majority party’s resistance to using our domestic supplies, I will continue to fight to for policies that will increase the supply of oil while reducing the pain we all feel at the pump.

IRS Website

Download forms and publications and find answers to your tax questions.

Free Tax Return Preparation

IRS Certified Volunteers provide free tax assistance programs for persons with low-to-moderate income and for persons age 60 and older.

My Federal Agency FAQ

Answers to questions about checking the status of your refund, contacting the IRS, visiting a Taxpayer Assistance Center, and using the Idaho Taxpayer Advocate service.

Because our tax code is so complicated and difficult to understand, nearly two-thirds of all taxpayers pay a professional or purchase computer software to help them figure out their taxes. If you cannot afford to do so or prefer to prepare your own tax return, visit the Internal Revenue Service (IRS) website to download forms and publications and find answers to your questions.

The IRS also offers free assistance to taxpayers:

• Low- and moderate-income workers, including veterans, can get free tax help through the Volunteer Income Tax Assistance program.
• People age 60 and older can get help through the AARP Tax Aide program, which is sponsored by the IRS.
• All taxpayers may call the IRS for live telephone assistance or visit one of the four IRS Taxpayer Assistance Centers in Idaho to speak with an IRS representative in person. Visit my Federal Agency FAQ for details.

The Taxpayer Advocate Service is an independent agency that offers free, independent, and confidential tax assistance to taxpayers unable to solve their tax problems through the normal channels or who are experiencing a hardship. Visit my Federal Agency FAQ for more information about the Idaho Taxpayer Advocate service.

IRS Economic Stimulus Payments Information Center

Visit the IRS website for complete information and the latest updates on the stimulus payment program.

IRS News Release:

"IRS Will Send Stimulus Payments Automatically Starting in May; Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate"

IRS News Release:

"More Information on Stimulus Payments Posted to IRS.gov; New Details for Recipients of Social Security, Veterans Benefits"

My Office Locations

Please contact my nearest regional office if you have any questions about the stimulus payment program, or need assistance in dealing with the IRS.

Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million individuals. Most of those who qualify for an economic stimulus payment will not have to do anything other than file their 2007 individual income tax return to receive their payment this year. The stimulus payments will be calculated by the IRS and range between $300 and $600 for individuals, or $600 and $1200 for taxpayers who file a joint return.

You will not get a stimulus payment in 2008, if any of the following apply to you:

• You don't file a 2007 tax return
• Your income last year was less than $3,000
• You can be claimed as a dependent on someone else's return
• You do not have a valid Social Security Number
• You are a nonresident alien

Most taxpayers will receive two notices from the IRS about the stimulus payment program. The first general notice from the IRS will explain the stimulus payment program. The second notice will confirm the recipients' eligibility, the payment amount and the approximate time table for the payment.

Tax rebate checks will be distributed based on when tax returns were received by the IRS, so the sooner you file your return, the sooner you will receive your stimulus payment. Those who may not normally be required to file a tax return, such as those receiving social security or veterans' benefits, but may be eligible for a tax rebate because their income was over $3,000, must file a 2007 tax return in order to receive the rebate.

Fiscal Responsibility Issue Briefing

Our long-term economic security depends on budget process and tax code reforms, and the Balanced Budget Amendment.

Editorial: Where is the Fiscal Responsibility?

"Republicans, myself included, define fiscal responsibility as keeping taxes low and managing the growth of government spending. Democrats define it as raising taxes to increase spending."

Briefing: Tax Code Reform

"Only comprehensive reform can fix our broken tax system."

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

Everyone agrees that the economy is slowing down. Unemployment numbers are slowly creeping upward, homes sales are at record lows, thousands of Americans can no longer afford their mortgage payments, and prices on everyday items, like food and gas, continue to rise. To stave off a potential recession, both the President and Congress agree that something needs to be done.

On February 7, the House and Senate passed H.R. 5140, the Economic Stimulus Act. To avoid any confusion, here is what is included in this bill: if your Adjusted Gross Income (AGI) is $3,000 or higher, you will qualify for a tax rebate. You will receive up to $600 per person, $1,200 per couple filing jointly, and $300 per child. However, there is a cap: rebates for individuals with an AGI above $75,000, $150,000 per couple, will be phased out. The package also includes a number of tax breaks for businesses to encourage investment and job creation, and adjustments to loan limits for housing. Social Security benefits and Veterans Administration disability benefits will be counted as wages, which means millions of seniors and disabled veterans will receive a tax rebate. The bill also took some important steps to prevent most illegal aliens from receiving a rebate.

My Position: While I agree it's appropriate for Congress to pass a stimulus package - and I think tax rebates to stimulate consumption are a good start - I think we should also focus on the biggest problem at hand, which is the downturn in the housing market. I'm worried that giving people a check will stimulate the economies of China and India as much as it will our own economy, because we buy so many products that are imported from other countries. On the other hand, every facet of home building directly impacts several sectors of the American economy. A targeted and timely stimulus package should focus on the housing market.

I cosponsored S.2566 to provide a direct tax credit for Americans to buy a home. This would give people an incentive to buy new homes, and reverse the trend we are currently experiencing. In the 1970's, we faced a similar scenario in the housing market. Armed with a similar tax credit, consumers moved about three years' worth of homes off the market in around twelve months, and I believe S.2566 would achieve similar results. I was pleased that this idea was included in the Housing Act, S.3221, which I helped pass in the Senate on April 10, 2008. If enacted, the Housing Act will provide a $7,000 tax credit over two years to purchase homes in foreclosure or when foreclosure proceedings begin.

Editorial: The Ol' Bait and Switch

"Democrats in Congress are attempting to pull a stunt with AMT."

Editorial: Where is the Fiscal Responsibility?

"Republicans, myself included, define fiscal responsibility as keeping taxes low and managing the growth of government spending. Democrats define it as raising taxes to increase spending."

Briefing: Tax Code Reform

"Only comprehensive reform can fix our broken tax system."

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

I've heard from a number of Idahoans who are concerned about having to pay more taxes this year if Congress fails to pass a one-year "patch" on the Alternative Minimum Tax (AMT). Unfortunately, they have a good reason to be concerned. If Congress fails to act before the end of the year, 25 million middle-class taxpayers will have to pay an average of $2,000 more in taxes this year. Congress must not allow this to happen.

The AMT was originally enacted to make sure high-income taxpayers paid their fair share of federal income tax; however, it was not indexed for inflation. For the past several years, Congress has had to pass an AMT "patch" to keep prevent taxes from being automatically raised on millions of middle-class taxpayers. When Republicans controlled Congress, an AMT patch was responsibly enacted each year by no later than May. This year, Democrats have waited until the eleventh hour before addressing the issue.

As a result of the Democrats' inaction, millions of taxpayers will have to wait 7 weeks longer this year before getting their refunds in the mail. The Treasury Department warned the Democratic leadership months ago that they needed adequate time to print the proper forms and make the necessary adjustments to their computers. Unfortunately, the Democrats were more worried about scoring political points than providing much needed tax relief for millions of Americans.

That said, I'm optimistic that Congress will ultimately pass an AMT patch before the year is over , and I'm working to make that happen. I only wish Congress had acted much sooner.

Editorial: Losing Focus

"Instead of looking for ways to expand SCHIP, Congress ought to be looking for ways to improve its effectiveness."

Editorial: Where is the Fiscal Responsibility?

"Republicans, myself included, define fiscal responsibility as keeping taxes low and managing the growth of government spending. Democrats define it as raising taxes to increase spending."

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

The Senate has passed several versions of the legislation to expand the State Children's Health Insurance Program (SCHIP). All of these bills would raise the cigarette tax by 61 cents per pack. I did not support this tax increase, along with several other aspects of the legislation. However, the Senate and the House of Representatives passed this legislation over my opposition.

President Bush vetoed the SCHIP legislation twice and the House of Representatives did not have enough votes to override his vetoes. In December 2007 Congress passed an extension, not an expansion, of SCHIP. This bill reauthorized SCHIP through March 2009 and President Bush signed that bill into law.

At this time, the cigarette tax will not be increased to pay for an expansion of SCHIP.

Energy Resources Issue Briefing

A closer look at our nation's energy policy, and why a diverse domestic energy supply is the only way to ensure our security and economic competitiveness.

Contact Me

Send me an email message, letter, or call or stop by my office to let me know your opinion on this hot topic, or any other issue important to you.

On June 28 Congressman Baron Hill of Indiana introduced H.R. 2927, a bill that increases Corporate Average Fuel Economy (CAFE) standards and promotes advanced vehicle technologies. H.R. 2927 takes an approach to increasing vehicle efficiency similar to the one incorporated in the Senate Energy Bill that passed on July 21, 2007.

I am supportive of increasing vehicle efficiency as part of a package of strategies for reducing our dependence on foreign oil. If we can combine increases in vehicle efficiency, with increasing domestic production of hydrocarbons (oil and natural gas), and developing more alternative fuel sources we can guarantee a significant reduction in our dependence on foreign fuel supplies and ensure our future economic competitiveness.

I look forward to the continued development of these important policies that will secure America's energy future.

Casework and Assistance

Additional information, including links to the State Department website, and how to request my assistance with federal agency problems.

Office Locations and telephone numbers

Idahoans who run into any problems in their dealings with the Department of State or any other federal agency should visit or contact my nearest regional office to discuss the matter with a casework specialist on my staff. I may be able to help resolve the problem.

U.S. State Department

Extensive travel information for U.S. citizens, such as how to obtain or renew a U.S. passport, how to obtain official proof of your passport application, and a variety of other online services for travellers.

On January 23, 2007 all U.S. citizens traveling by air between the United States and Canada, Mexico, Bermuda, and the Caribbean region are required to present a passport or other valid document to enter or re-enter the United States.

The Department of Homeland Security plans to implement the same restrictions on travel by land and sea beginning in 2008.

Check out my Casework and Assistance page (link at right) for the most up-to-date information from the Department of State and Department of Homeland Security travel websites regarding travel restrictions. There is also information on how to obtain a cheaper passport alternative that will function for travel to the regions described above, but will not serve as a passport substitute for any other countries.

If you are having a passport emergency, please contact my nearest regional office for assistance.