Rep. Boozman Votes For Tax Relief
Rep. Boozman Votes For Tax Relief
House passes legislation to keep economic growth moving forward
Washington, Dec 8 -
U.S. Representative John Boozman (R-AR) today voted to reduce federal income taxes for all taxpayers in Arkansas.
"With the holiday season upon us, it is important that we remember this is the American people's money we are talking about, not money that belongs to Congress. Today we voted to let the American people keep more of their hard earned money. They should decide how to spend it, not Congress," said Boozman.
Boozman has been a strong supporter of Congress's pro-growth economic policies which has given taxpayers more of their money back and has resulted in the creation of 4.4 million jobs since May 2003. Today, he joined with a majority of his colleagues in the United States House of Representatives to pass H.R. 4297, the "Tax Relief Extension Reconciliation Act." The bill passed the House by a vote of 234-194.
"Last week's good economic news is proof-positive that tax relief promotes economic growth," said Boozman, referencing the recent employment data showing continued economic growth from the U.S. Department of Labor. "We cannot afford to draw the brakes on tax relief as that will make the economy come to a screeching halt."
Highlights of the bill include:
* Allowing non-refundable, personal tax credits (like dependent care credit, certain home mortgage interest credit, etc.) to be claimed without forcing an individual into the Alternative Minimum Tax (AMT);
* Extending reduced tax rates on capital gains and dividend income through 2010;
* Allowing taxpayers to claim a nonrefundable credit on the first $2,000 of annual contributions to qualified retirement savings accounts (like 401K accounts);
* Extending a deduction for teachers who do not itemize to still be able to deduct up to $250 of out-of-pocket expenses for classroom supplies;
* Allowing taxpayers to deduct up to $4,000 of tuition and other higher education enrollment expenses;
* Making all veterans eligible to participate in state home mortgage programs funded by the Qualified Veterans' Mortgage Bonds.
http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=37614