CONGRESSMAN CUELLAR VOTES TO PROVIDE TAX RELIEF FOR MIDDLE CLASS FAMILIES
Today Congressman Cuellar voted to restore tax fairness to millions of American families by voting in favor of the Alternative Minimum Tax (AMT) relief. This legislation protects 23 million middle-class families from being forced to pay the alternative minimum tax.
The bill, H.R. 3996, the Temporary Tax Relief Act of 2007, ensures that no additional taxpayers pay the AMT this year while also extending popular tax credits and deductions that expire at the end of the year.
In addition to the AMT relief, H.R. 3996 would also provide a change in refundable child credit, by increasing the eligibility for the refundable child tax credit in 2008 and making it refundable to the extent of 15 percent of the taxpayer’s earned income; provide an additional standard deduction for Sate and local real property taxes paid or accrued by taxpayers who claim the regular standard deduction; and extend for one year the election to take an itemized deduction for State and local general sales taxes in lieu of the itemized deduction permitted for state and local income taxes, for states like Texas who do not have income taxes and thus, their residents do not benefit from the State and local tax deduction.
“While there were concerns about revenue raising provisions in the bill, this legislation is preventing the AMT from unfairly reaching into the pockets of middle class families in my district,” said Congressman Cuellar. “Tax fairness can be achieved in a fiscally responsible way. “If I had not supported this legislation, the number of people who pay AMT in Southwest Texas would have increased by 1500% in 2007. “1,800 of my constituents were protected from paying AMT. This legislation will provide relief to homeowners and students by extending the current deductions for college tuition and allowing homeowners to deduct up to $500 of property taxes in addition to their standard deduction.”
H.R. 3996 will prevent the AMT from unfairly reaching into the pockets of middle-income families, while also extending tax credits and deductions that will benefit a wide array of Americans and the American economy. The Alternative Minimum Tax has been in effect since 1969.
Congressman Henry Cuellar is a member of the House Homeland Security, Small Business, and Agriculture Committees in the 110th Congress. Accessibility to constituents, education, health care and economic development are his priorities.