NELSON: CONTINUE TAX RELIEF WHILE KEEPING BUDGET BALANCED

March 13, 2008 - Today, the United States Senate passed an amendment to the FY2009 Budget Resolution to provide tax relief to America's troops, veterans, homeowners and Katrina victims. Nebraska's Senator Ben Nelson voted in favor of the amendment, which was sponsored by Montana Senator Max Baucus. Nelson also joined an unsuccessful effort to provide estate tax relief.

"Given the precarious state of our economy, it is critical we continue to seek out ways to provide tax relief to American families. This amendment provides targeted relief to families, our veterans and service members while preserving a balanced budget," said Senator Nelson.

Elements of the amendment introduced by Senator Baucus include:

A permanent extension of the 10 percent income tax bracket;
A permanent extension of the increased refundable child tax credit, with additional eligibility for lower-income Americans;
A permanent marriage penalty tax relief;
A permanent extension of the tax credit for child care expenses;
A permanent extension of the increased adoption tax credit;
A permanent extension of 2009 estate tax law, including rate and exemption level;
And a measure co-sponsored by Senator Nelson creating a standard property tax deduction of $500 for single filers and $1000 for married couples filing jointly.

In addition, Nelson voted in favor of an amendment offered by Colorado Senator Ken Salazar to increase the exemption for the estate tax to $5 million per person with a taxable rate of no more than 35% for the estate tax.

"With an exemption of $3.5 million per person, or $7 million per couple and a top rate of 45%, this amendment ensures that we are fiscally fair while being fiscally responsible," said Nelson, a proponent of full estate tax repeal. "It's unfortunate that a majority of my colleagues did not join this effort to provide relief without adding to the deficit."

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	Press Release	March 13, 2008
NELSON: CONTINUE TAX RELIEF WHILE KEEPING BUDGET BALANCED March 13, 2008 - Today, the United States Senate passed an amendment to the FY2009 Budget Resolution to provide tax relief to America's troops, veterans, homeowners and Katrina victims. Nebraska's Senator Ben Nelson voted in favor of the amendment, which was sponsored by Montana Senator Max Baucus. Nelson also joined an unsuccessful effort to provide estate tax relief. "Given the precarious state of our economy, it is critical we continue to seek out ways to provide tax relief to American families. This amendment provides targeted relief to families, our veterans and service members while preserving a balanced budget," said Senator Nelson. Elements of the amendment introduced by Senator Baucus include: A permanent extension of the 10 percent income tax bracket; A permanent extension of the increased refundable child tax credit, with additional eligibility for lower-income Americans; A permanent marriage penalty tax relief; A permanent extension of the tax credit for child care expenses; A permanent extension of the increased adoption tax credit; A permanent extension of 2009 estate tax law, including rate and exemption level; And a measure co-sponsored by Senator Nelson creating a standard property tax deduction of $500 for single filers and $1000 for married couples filing jointly. In addition, Nelson voted in favor of an amendment offered by Colorado Senator Ken Salazar to increase the exemption for the estate tax to $5 million per person with a taxable rate of no more than 35% for the estate tax. "With an exemption of $3.5 million per person, or $7 million per couple and a top rate of 45%, this amendment ensures that we are fiscally fair while being fiscally responsible," said Nelson, a proponent of full estate tax repeal. "It's unfortunate that a majority of my colleagues did not join this effort to provide relief without adding to the deficit." ###