Boswell Votes to Extend Critical Tax Cuts for Iowa's Middle Class and Small Businesses

Press Release

Today, Congressman Leonard Boswell voted to pass H.R. 4853, the Middle Class Tax Relief Act, to permanently extend middle-class tax cuts to spur economic growth and help Iowa families struggling in a tough economy.

"Iowa's middle class families will save approximately $1,000 a year and nearly all of the state's small businesses will see these savings, as well," said Boswell. "These middle class tax cuts will encourage economic growth as families spend this money on making ends meet. Right now, we need to focus on rebuilding the foundation of our economy, which is America's middle class families and small businesses."

This legislation would help 97 percent of American families and small businesses by extending the tax cuts that were set to expire at the end of 2010. For families making less than $250,000 a year, the bill permanently extends the 2001/2003 tax cuts, including current tax rates, marriage penalty relief, capital gains and dividends rates, and the child tax credit.

The bill also protects more than 25 million taxpayers from the alternative minimum tax (AMT) by extending the AMT patch through 2011 and permanently extends small business expensing.

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