U.S. Rep. Ron Kind (D-WI), a member of the House Ways and Means Committee, voted today to help create and save American jobs, provide working families with tax cuts, and invest in American jobs through tax relief for businesses and investments in infrastructure.
"It is my priority to put middle class families and small businesses first," said Rep. Kind. "This bill does just that. Tax cuts and loan relief will help small businesses hire and grow and Build America Bonds will help western Wisconsin complete important infrastructure projects, spurring job creating in our communities. All this and it provides tax relief for American families in a way that is fiscally responsible."
The American Jobs and Closing Tax Loopholes Act, H.R. 4213, will support more than a million American jobs by helping restore credit to small businesses, extending the R&D tax credit, rebuilding American roads and bridges through Build America Bonds - of which western Wisconsin has received $71.24 million since the signing of the Recovery Act and which have supported more than 1.7 million jobs nationwide - and providing tax relief for millions of middle class American families. The bill also extends unemployment benefits for Americans who lost their jobs through no fault of their own.
The tax benefits to middle class Americans -- property tax relief, state and local sales tax deductions, and college tuition deductions -- are paid for by closing the tax loopholes that big businesses have exploited to ship jobs overseas and that allowed Wall Street billionaires to pay a much lower tax rate on their income. The bill also promotes corporate accountability for the oil industry, boosting the amount oil companies must pay into the Oil Spill Liability Trust Fund -- so taxpayers are never stuck with the bill for the risky practices of the industry. Through a provision authored by Rep. Kind, the bill also extends the disaster relief tax credits that provide for increased deductions for losses suffered after a disaster and deductions for recovery expenses.
The American Jobs and Closing Tax Loopholes Act includes provisions supported by over 125 key organizations, unions and non-profits, including the U.S. Conference of Mayors, AARP, the American Farm Bureau, the National Restaurant Association, and businesses in the R&D Tax Credit Coalition.