WASHINGTON  -  U.S. Representative Jo Ann Emerson (MO-08) today voted in favor of a package to extend major tax relief on the U.S. income tax, alternative minimum tax, dividend tax, capital gains tax, and small business expensing options.  The conference report of the Tax Relief Extension Reconciliation Act passed in the U.S. House of Representatives by a tally of 244 to 185.

 

“Without this bill, many Americans would see their tax liability begin to rise.  This bill extends relief from the alternative minimum tax, reduces and then eliminates the 15 percent tax bracket, and stretches out relief from higher tax rates on dividends and capital gains.  These last categories prevent a $20 billion tax increase over four years and are particularly important to senior citizens living on fixed incomes,” Emerson said.  “At the same time, we are keeping vital protections for small businesses in the tax code,
allowing them to depreciate their equipment at a rapid rate to save money at tax time.”

 

The legislation passed in the House of Representatives represents a compromise on the issue between the House and the Senate.

 

“It is important that we act now to preserve the tax relief that has helped drive our economy for the last several years.  Ultimately, the best decisions for our family budgets are made by our families.  I hope swift action sets this bill into law so Americans can count on a reliable, stable tax code for the coming years,” Emerson said.