House Passes Bill to Extend Current Tax Rates

Press Release

Today, Congressman Mike Michaud voted to pass H.R. 4853, the Middle Class Tax Relief Act, which will extend tax relief to all Americans. The bill permanently extends the 2001 and 2003 income, capital gains and dividend tax rates for all up to $200,000 for individuals and $250,000 for couples. The bill also permanently extends small business expensing, marriage penalty relief (including EITC) and the $1,000 child tax credit. In addition, the measure protects more than 25 million taxpayers from the alternative minimum tax (AMT) by extending the AMT patch through 2011.

"This is a critically important bill for all Mainers," said Michaud. "Passing this bill into law will extend tax relief to all Americans. Without it, all Maine taxpayers will owe more. The fact that some in the Senate are holding the extension of these tax cuts hostage is unconscionable, especially during these difficult economic times."

According to the Internal Revenue Service, if the bill the House considered today isn't passed into law, the average middle class taxpayer (making less than $250,000) in Maine could see a tax increase of $875, affecting 445,300 taxpayers.

Source