Tax Relief Act will extend income tax cuts, lower estate tax rate
Senator Jon Tester today released the following statement after voting to extend tax cuts for all Montanans and to create jobs through the bipartisan Tax Relief Act:
"Today, I voted to extend tax cuts for every single Montanan, and to create jobs across rural America. This may not be the bill I would have written--but the decision between raising taxes on hardworking Montana families in an already-tough economy, or investing in private sector job growth is a clear choice.
"A vote against this bipartisan bill is a vote against jobs. A vote against this bill is a vote to raise taxes on every Montanan. A vote against this bill is a vote for the biggest tax increase in American history. The Montanans I talk with when I go home every weekend have a clear message: they want their leaders to work together on bipartisan solutions to cut taxes and create jobs. And this bill is a good step."
The Tax Relief Act, which passed with wide bipartisan support on a vote of 81-19:
* Extends current income tax cuts for all Americans for another two years
* Lowers the rate and raises the exemption for the estate tax
* Provides enhanced tax credits for small businesses to help spur new investments and expansion
* Temporarily reduces the payroll tax to put more money in working Americans' paychecks
* Extends unemployment insurance for folks looking for work
Tester voted for a separate tax relief plan earlier this month which did not receive the 60 votes needed to move forward in the Senate.
Earlier this year, Tester also helped pass the Small Business Jobs Act which cut taxes for small businesses across the country by more than $12 billion without adding to the nation's debt.