WASHINGTON – Sen. Chuck Grassley today said that he has nominated several young Iowans ... Read More >>
WASHINGTON - Senator Chuck Grassley today announced that Iowa State University has received ... Read More >>
As we begin a new year, I thank God for the freedoms we continue to have in this country and ou... Read More >>
As then-chairman of the tax-writing Finance Committee, I helped steer through Congress the landmark 2001 and 2003 tax relief laws that lowered marginal tax rates, creating a first-ever 10 percent bracket. However, if this job-creating, economy-growing tax policy is allowed to lapse, American families and businesses will face a $900 billion tax increase over five years. Thanks to the lower tax rates on investment income, the economy is thriving, creating jobs, prosperity and opportunity for millions of Americans. The past five years have shown tax cuts do indeed trigger economic growth and increase revenue coming in to the Federal Treasury. At 18.4 percent of GDP, federal tax receipts are exceeding the historical averages. Americans should not be paying more in taxes. Congress needs to maintain the job-creating fiscal policy that expands the economic pie.
As the top Republican on the tax-writing Finance Committee, I’ll also continue my crusade to ferret out tax avoidance schemes and shelters (Bipartisanship Could Fuel AMT Repeal, Jan. 18, 2007), plug the $345 billion tax gap and fix the mess caused by the Alternative Minimum Tax. This parallel tax was enacted more than three decades ago to ensure wealthy taxpayers didn’t escape paying income taxes. However, the AMT was not indexed for inflation and today forces millions of middle-income taxpayers to pay higher taxes than they otherwise would under the standard tax code.
Contrary to the majority party’s views,
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