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| Wilson Hails Family Tax Relief |
September 23, 2004 |
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| Extending Tax Relief; Extending Economic Growth
Washington – Congresswoman Heather Wilson today welcomed House action to preserve essential tax relief for New Mexico families.
“Allowing a tax increase right now would be setting up a roadblock as the economy picks up speed,” Wilson said. “Working families must be able to count on this essential tax relief.”
The All-American Tax Relief Act of 2003 (H.R. 1308), overwhelmingly passed today 339-65, preserves three important tax relief measures that were set to expire. The bill extends the $1,000 child tax credit for another five years, extends the marriage penalty reduction by another four years, and extends the measure allowing more people to qualify for the lowest 10 percent bracket by another six years.
In other action today, the House also passed the Adoption Tax Relief Guarantee Act (H.R. 1057), which Wilson cosponsored.
Preserving Tax Relief
· Preserving the newest (since 2001) and lowest tax bracket at 10 percent for working Americans, including, about 540,000 New Mexicans, for another six years.
· Preserving the $1,000 tax credit for each child for America’s families, including more than 160,000 New Mexico couples and single parents, for another five years.
· Preserving the reduction in marriage penalty for America’s families, including more than 185,000 New Mexico couples, for another four years.
· Preserving the adoption tax credit at $10,160 per child, a measure cosponsored by Wilson.
· Preserving the tax credit for research and development for small businesses, an important priority for New Mexico’s economy and also a measure Wilson initially cosponsored. Small businesses create nearly eight of every 10 new jobs in America.
Without action, tax increases are scheduled to begin occurring this year as the tax relief expires. Without this effort, the 10 percent bracket shrinks by $2,000 next year for married couples and eventually goes away altogether by 2011. Today’s vote preserves a 10 percent rate on the first $14,000 of taxable income for couples and $7,000 for singles. If the bracket is allowed to shrink next year, about 73 million working people would pay higher taxes.
“This tax relief is indispensable because it was specifically designed to help lower and middle income working families who need it most,” Wilson concluded.
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