Issue Position: Taxes

Issue Position

Tax cuts to help our economy recover
Tax cuts to middle-class Americans as well as Main Street businesses will help the United States achieve economic stability and prosperity once again, but tax cuts must be specifically targeted to those who need it most, not just to those who have the most.

Middle-class tax cuts for recovery
The American Recovery and Reinvestment Act contains a number of tax cuts targeted to helping our middle class. The homebuyers tax credit extends the $8,000 first-time homebuyers tax credit to all homeowners purchasing new primary residences. This provides assistance to those purchasing a home and helps in the recovery of the housing market. It also increases the demand for ancillary services such as construction.

Research and development tax credit for businesses
I introduced bi-partisan legislation to not only make permanent the Research and Development Tax Credit, but also to award additional R&D tax credits to companies that manufacture those products in the United States.

Net Operating Loss Carryback provision helps businesses
Many businesses, especially manufacturing businesses, recorded operating losses in the down economy. With this provision, businesses can apply recent losses to taxes paid on profits in previous years. The Net Operating Loss Carryback provision extends the credit to businesses of any size and expands it from two years to five years for losses in 2008 and 2009.

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