Rep. Foster Introduces Tax Cut for Homeowners

Press Release

Rep. Foster Introduces Tax Cut for Homeowners

Today Rep. Bill Foster introduced his first piece of legislation to provide homeowners with the means to lower their taxes just as Americans finish up the final details on their tax returns.

"Middle class families are struggling with the rise in health care costs, gasoline and education. It's time their government lent a hand by simplifying the tax code and helping them lower their taxes," Foster said.

Foster's legislation, titled the Universal Homeowner Tax Cut of 2008, is a simple approach to helping out taxpayers. It provides a supplemental deduction for property taxes available to those who do not itemize their taxes. The federal government already reimburses taxpayers for state and local taxes, but only if one itemizes. Almost 40 percent of homeowners do not itemize their tax returns and thus do not receive any property tax relief.

"This is a simple solution to a problem facing taxpayers across the 14th District. It's about time Washington started solving people's problems instead of creating new ones," Foster said.

UPDATE: The deduction available of a homeowner's property tax bill would be capped at $1,000 for a single filer and $2,000 for a married couple. This bill is paid for by closing a tax loophole that encourages people to escape taxation by moving money overseas.

"This legislation is revenue neutral and fiscally responsible. The voters are fed up with exploding deficits and reckless budgeting. They want us to get our fiscal house back in order," Foster concluded.

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