Rep. Calvert Supports Bill to Prevent Tax Hike

Rep. Calvert Supports Bill to Prevent Tax Hike
Anthony Gostanian Thursday, December 8, 2005

WASHINGTON, DC - Rep. Ken Calvert (R-Corona) voted in support of H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005. Under current law, tax rates will automatically rise unless Congress passes an extension. The House passed the bill by a vote of 234-197.

"The U.S. economy has grown by an average of 4.1% since the Congress passed Tax Relief in 2003," said Rep. Calvert. "Our economic dynamism is a tribute to American businesses and policies which encourage new investment. The Tax Relief Extension Reconciliation Act simply continues those economic policies which have led to nearly 4.5 million new jobs. This bill does not cut taxes, rather this bill prevents an automatically tax increase, which will dampen our economic growth and hurt small businesses."

The key provisions in this legislation include extending the reduced tax rates on capital gains and dividend income through 2010. According to the Joint Committee on Taxation, over 60 percent of Americans receiving capital gains or dividend income have incomes of $100,000 or less and stand to benefit from the passage of today's bill.

http://calvert.house.gov/pressreleases.asp?ARTICLE4024=10504