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Hulshof Applauds Passage of Tax Relief Package Legislation Promotes Tax Fairness and Continued Economic Growth

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Location: Washington, DC


Hulshof Applauds Passage of Tax Relief Package Legislation Promotes Tax Fairness and Continued Economic Growth

U.S. Congressman Kenny Hulshof (R-MO) today applauded passage of H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005. The bill protects Missourians from guaranteed tax increases and continues the successful tax policies that have helped promote recent gains in economic growth and job creation.

WASHINGTON, DC - - U.S. Congressman Kenny Hulshof (R-MO) today applauded passage of H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005. The bill protects Missourians from guaranteed tax increases and continues the successful tax policies that have helped promote recent gains in economic growth and job creation.

"In 2003, we reduced the federal tax on capital in an effort to jump start the economy - and this effort has been successful. Since then, we've created more than 5 million jobs and experienced steady economic growth. By extending reduced tax rates on dividends and capitals gains as well as increasing the amounts small businesses can expense, we have established an atmosphere that promotes opportunity. And the relief we provide from the Alternative Minimum Tax will spare more than 15 million taxpayers from the burden of the most complicated and confusing tax on the books," said Hulshof.

The U.S. Department of Treasury estimates that in 2005, 418,000 Missourians reported dividend and capital gains income. Under current law, the rate of tax on this income is scheduled to increase after 2008. H.R. 4297 extends the 15% tax rate, 0% tax for individuals in the 10% and 15% income tax brackets, on dividend and capital gains income for two years.

The bill also provides relief from the Alternative Minimum Tax (AMT) by increasing the levels under which taxpayers are not subject to the AMT and ensuring that families are not denied the ability to claim a host of popular tax credits - such as the dependent care tax credit and higher education credits - as a result of the AMT.

"The best way to keep the economy strong and create jobs is to help people keep more of what they earn, and this bill does exactly that. This is a step in the right direction, and Congress must keep working to ensure taxpayers are not hit with punitive tax hikes," concluded Hulshof.

Congressman Kenny Hulshof serves on the U.S. House Committee on Ways and Means, the committee with jurisdiction over tax matters and helped author this important tax relief package.

http://hulshof.house.gov/news.aspx?A=310

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