Congressman Pete King

Taxes

As representative of a congressional district with one of the highest costs of living in the country, I am a strong believer in keeping taxes low for hard-working Americans. I have consistently voted to prevent the Alternative Minimum Tax (AMT) from affecting more Americans and work to eliminate it altogether.

Sponsored Legislation

I have sponsored H.R. 882, which would amend the Internal Revenue Code to increase the age at which minimum distributions from qualified retirement plans are required to begin from age 70 1/2 to age 75. At a time when economic conditions are having a negative affect on my constituents’ retirement savings accounts, I believe it is important that we allow people to keep their money in their accounts longer so that they may recover some of their losses before having to take a minimum distribution. Furthermore, with the retirement age increasing each year, many of those with IRAs and 401ks no longer need that money until later in their lives. Retirement savings are an important part of realizing the American dream and it is essential that the federal government aid Americans in saving for their retirement in any way possible.

Cosponsored Legislation

H. Res. 244: This resolution expresses support for the generous charitable donations made by Americans. President Obama’s budget for the 2010 Fiscal Year actually the tax deduction for charitable giving. At a time when unemployment is rising and more and more Americans are coming to rely on the services provided by charitable organizations across the country, we must not eliminate an incentive for those left in a position to help those in need.

401Kids Family Savings Act of 2009 (H.R. 30): This bill would extend through 2015 the allowance for increased annual contributions to Coverdell education savings accounts. The bill would also amend the Internal Revenue Code to allow tax-free distributions from a Coverdell education savings account for first-time homebuyer expenses, permit rollovers from Coverdell education savings accounts to Roth individual retirement accounts (Roth IRAs), and rename Coverdell education savings accounts as 401Kids Savings Accounts.

The Workers Severance Tax Reduction Act (H.R. 154): This proposal would allow individuals who have been laid-off to exclude up to $40,000 from their severance pay. At a time when unemployment is rising every day, it is essential that we enact legislation to help those out of work and struggling to support their families.

Suspension of Federal Income Tax on Unemployment Benefits Act of 2009 (H.R. 155): To help unemployed Americans as they face increasing living costs and a sluggish economy, H.R. 155 would suspend the federal income tax on unemployment compensation benefits for two years. This is estimated to return at least $18 billion annually to those taxpayers who are most in need and in turn have a stimulative effect on the economy.

Brewers Excise and Economic Relief Act (H.R. 836): This bill would amend the Internal Revenue Code to reduce the tax on beer to its pre-1991 level. In times of economic hardship, beer is often the only remaining luxury for Americans. Not only do low taxes on beer help hard working citizens, but it also helps the beer production and distribution industry, which employs thousands of Americans and has a significant presence on Long Island.