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For Immediate Release
May 10, 2006
Congressman
Pitts Votes
To Prevent Tax Increase
Bill
Prevents Tax Hikes on Investment, Small Business Owners, and Families
Washington
– Congressman Joe Pitts (R,
PA-16) voted today in support of H.R. 4297, the Tax Relief Extension
Reconciliation Act. The bill centers on averting tax hikes on the
Alternative Minimum Tax (AMT), dividends, and capital gains. It also extends
the increased small business expensing (Section 179 of the tax code) at
$100,000 through 2009. The bill passed in the House by a vote of 244-185.
“Allowing these important tax cuts to
expire would have resulted in a sizable and unwelcome tax increase on
working Americans,” Congressman
Pitts said. “By acting to prevent such a tax hike, Congress is promoting
continued economic growth by allowing Americans to keep more of their hard
earned money.”
Among other things,
the bill does the following:
-
Prevents a middle-class tax hike by
extending Alternative Minimum Tax (AMT) relief
–
This provision prevents the AMT from applying to 15 million taxpayers in
2006 and will help many more by increasing the exemption amounts and
allowing nonrefundable personal credits to offset the AMT.
- Promotes
Continued Economic Expansion
– The bill extends critical tax relief that has fueled the economic
expansion since 2003. These include:
- Extending the
15 percent dividends and capital gains tax rates.
- Extending the
increased small business expensing (Section 179) at $100,000 through
2009.
Current Economic
Numbers:
- 138,000 jobs
created in April.
- Approximately 2
million jobs created over the past 12 months.
- More than 5.2
million jobs created since August 2003.
- An unemployment
rate of 4.7 percent – lower than the average of the 1960s, 1970s, 1980s,
and 1990s.
- Gross domestic
product (GDP) for the first quarter of 2006 grew at a robust 4.8
percent.
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