Congressman Jim Matheson said the bipartisan breakthrough that has resulted in an extension of expiring tax cuts and unemployment insurance is good news for Utah families, small businesses and the struggling economy. Thursday night, Matheson voted for the legislation passed by the Senate earlier this week.
"This bipartisan compromise prevents taxes from increasing at a time when the economic recovery is still fragile. Economists believe it will help with job growth. Most importantly, this allows Utahns to keep more of their hard-earned money and have more certainty about their own family budgeting and tax planning," said Matheson.
Matheson said the stakes are significant for Utah . More than 1.3 million Utah residents will receive more money in their paychecks as a result of the payroll tax cut. Additionally, many Utahns benefit from the extension of the Child Tax Credit of $1,000 per child and the expansion of the Earned Income Tax Credit for working married families. The legislation also strengthens the safety net for more than 27,000 Utah residents at risk of having their unemployment insurance benefits expire.
Matheson said businesses will be helped by the 2-year extension of the research and development tax credit and the allowance to expense all of their investments in 2011.
"Staying focused on growing the economy and bolstering job growth is what it's all about right now," said Matheson.