|
Strengthening the U.S. economy is one of my top priorities. I believe that keeping taxes low for working families and small businesses will help to stimulate the economy and create jobs. After suffering an economic downturn in June of 2000 and the attacks of September 11, 2001, we responded as a nation, in 2002, with one of the largest tax cuts in our nation's history. As a result, the American economy rebounded for the next six years Congress acted again to create needed jobs for Americans by passing H.R.2, the Jobs and Growth Reconciliation Act of 2003. This legislation gave virtually every taxpaying American needed relief. The tax cut provided a 96% reduction in taxes for a family of four earning $40,000 a year.
In the 109th Congress, I worked to ensure the continuation of these important tax cuts. With my support, Congress voted to extend many of these tax cuts and, on May 17, 2006, the President signed the Tax Increase Prevention and Reconciliation Act into law. This important tax relief package continued the reduced dividend and capital gains tax rates. It also increased the threshold of the Alternative Minimum Tax thereby entirely removing fifteen million Americans from its reach. With my support, Congress extended additional tax cuts, such as the sales tax deduction and the tuition deduction through the Tax Relief and Health Care Act of 2006, which the President signed into law on December 20, 2006.
We in the 111th Congress still have important work to do. Continuation of the death tax repeal, the marriage penalty elimination, the teacher classroom expense deduction and the continuation of the 10% income tax bracket are some of the most important tax issues facing Congress. I support making these tax cuts permanent. We also must work to ensure that the Alternative Minimum Tax (AMT), which was never intended to affect the middle class, does not unfairly impact middle income taxpayers. Current estimates predict that 30.3 million taxpayers, or one-fifth of all taxpayers, will be subject to the AMT when filing their 2009 tax returns next year if we do not act to adjust the AMT.
At this difficult time for our economy, I believe that we must do all we can to decrease the financial burden on America’s hardworking families and small businesses. This is not a time to raise taxes. Unfortunately, without Congressional action, many Americans will see a tax increase when important tax cuts expire at the end of 2010. The 10% tax bracket, the per-child tax credit increase, marriage penalty relief, and the repeal of the death tax are all scheduled to expire unless Congress acts to extend them. We must ensure that these important tax cuts are not permitted to expire.
I remain confident in America's economic future. The strength of our economy depends on the dedication of hard working Americans. Our best hope for decreasing the deficit and ensuring healthy federal budgets in the future is to free individual Americans, as much as possible, to continue with the entrepreneurial spirit of this innovative nation. Surpluses are created by a productive America -- not by Washington levying more and more taxes. We must work to ensure that these successes continue well into the future.
 Back to Issues
|
23rd -