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House Votes to Prevent Tax Hikes
House-Senate Agreement Blocks Increases in AMT, Capital Gains Taxes
May 10, 2006
U.S. Rep.
Mark Souder
voted today for House passage of the conference report to H.R. 4297, the Tax Increase Prevention and Reconciliation Act. The House-Senate agreement passed the House by a majority of 244-185.
“For economic growth in northeast and north-central
Indiana
, it’s extremely important that we don’t let our tax relief measures expire,” Souder said. “Failure to renew these rates would result in automatic tax hikes on working Hoosiers and seniors. It would also impede investment and job creation in our area at a time when we have to be even more vigilant in competing with . Democrats in Congress, however, have been trying to stop these tax rate renewals, and they are putting themselves on record in favor of tax increases. Our economy simply can’t afford tax increases.”
The Tax Increase Prevention and Reconciliation Act will:
- extend Alternative Minimum Tax relief for an additional year;
- extend the increased limit on small business expensing;
- extend the lower tax rate on dividend income through 2010, thus preventing a $13 billion-tax increase over the next four years (1 in 2 taxpaying senior citizens will benefit from this extension);
- extend the lower tax rate on capital gains income through 2010, thus preventing a $7 billion-tax increase over the next four years. Nearly 1 in 3 senior citizens will benefit from this action.
Following Senate passage of the House-Senate conference report, the Act will be sent to the President to sign into law.
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