The Senate this week passed a package of tax measures that U.S. Sen. Evan Bayh says will help middle-class Hoosiers.
Bayh, D-Indiana, touted the measures during a conference call with reporters.
But the focus of the call quickly shifted to the current financial crisis and Washington's proposed $700 billion bailout of Wall Street investment banks.
"I know (the bailout) is the topic du jour," Bayh said Wednesday. "But let's not lose sight of some of the things that actually got done yesterday."
Tuesday's Senate bill, which passed 93-2, includes the following:
-Extensions of property tax deductions for people who don't itemize the deductions on their income tax returns. The measure affects more than 900,000 Hoosiers, Bayh said.
-An extension of $4,000 tax deductions for higher education costs. Individuals with an annual gross income of less than $65,000, or joint filers with less than $130,000 in income, may take the deduction.
-Tax deductions for materials teachers buy with their own money, up to $250.
-An increase in the amount of income Americans must have before they're subject to the alternative minimum tax. That tax was created nearly 40 years ago to close a loophole used by the extremely rich, but has not kept up with wages, forcing more middle-class families to pay.
"All this national debate about what to do about the financial crisis, that's fine," Bayh said. "But at least here we got some things done."
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