McMorris Supports Tax Relief for Eastern Washington Families and Small Businesses

 

(Washington, D.C.)  Congresswoman Cathy McMorris (WA-05) today voted for H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005. The bill extends tax relief, protects small business owners and ensures continued economic growth.

“One of my top priorities is to provide economic growth and job creation for Eastern Washington,” said McMorris. “A key to competitiveness is reducing the tax burden and allowing families and businesses to keep more of their hard earned money. Failure to pass these extensions would have resulted in tax increases for millions of hardworking people. While these extensions are positive, we must aim for permanent tax relief that will set the stage for long-term economic stability and job growth.”

Tax relief and pro-growth economic policies have strengthened the U.S. economy and created over five millions new jobs since 2003. Since then there has also been an increase in business investment; a rise in individual real after-tax income; and higher tax receipts going into the U.S. Treasury.

The Tax Increase and Prevention Act supports families, businesses and seniors by extending:

  • Tax relief for an additional year
  • The increased limit on small business expensing at $100,000 through 2009
  • The lower tax rate on dividend income through 2010, thus preventing a $13 billion tax increase over the next four years. 1 in 2 taxpaying senior citizens will benefit.
  • The lower tax rate on capital gains income through 2010, thus preventing a $7 billion tax increase over the next four years. Nearly 1 in 3 senior citizens will benefit.

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