Bipartisan Sales Tax Deduction Provides Direct Economic Boost, Cornyn Says

BIPARTISAN SALES TAX DEDUCTION PROVIDES DIRECT ECONOMIC BOOST, CORNYN SAYS

Bill providing for choice between deducting either state sales tax or state income tax on federal tax returns passed in Senate, now moves to the President for his signature

WASHINGTON-U.S. Sen. John Cornyn, a member of the Senate Budget Committee, made the following statement Monday regarding bipartisan, multi-delegation efforts to include a meaningful state sales tax deduction in the American Jobs Creation Act (FSC/ETI) conference report. The conference report was passed Monday by a vote of 69-17:

"This victory for freedom and fairness in the tax code will now allow Texans, and residents of all 50 states to choose between deducting their state sales taxes or their state income taxes on a federal return. "There is no question that sales tax deductibility in the jobs bill will provide a direct economic boost to consumers, and middle income families in particular stand to benefit. I appreciate Sen. Hutchison and Rep. Brady for their tireless efforts on this issue, and will continue working with the Texas delegation to ensure continued fairness for our state's taxpayers.

"If we truly want to help our economy grow, if we think the citizens in Texas and other effected states should keep more of what they earn, if we believe that workers and their families know better than government about how to spend their own money, then we will all work together to support this and other important reforms."