Question of the Week: Taxes
These questions are culled from phone calls, letters, faxes and e-mails sent to my Thousand Oaks, Solvang, and Washington offices. Each week I will add another question and answer.
Week of June 19, 2009
• Question: I’m concerned about all the proposals to raise taxes. Are there any proposals to limit or lower them?
→ Answer: As you know, the President’s Fiscal Year 2010 budget proposal included several provisions that would increase taxes on individuals making at least $200,000 a year and couples making $250,000 per year. These include an increase in the top marginal income tax rate from 35 percent to 39.6 percent while limiting itemized deductions for these taxpayers, including deductions for charitable donations and home interest.
The proposal would also increase the top tax rate on capital gains and dividends. Despite these massive tax increases, the President’s budget would produce annual budget deficits of approximately $1 trillion for the next ten years, according to estimates prepared by the nonpartisan Congressional Budget Office.
You may be interested to learn that I am a cosponsor of H.R. 664, the Economic Stimulus Enhancement and Tax Relief Permanency Act of 2009, which would make permanent the tax reductions Congress enacted in 2001 and 2003. This bill was introduced by Rep. Sam Graves on January 23, 2009.
For more information about my positions on economic issues, please see my Economy page.
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