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WASHINGTON - Last week, Ways and Means Committee Chairman Charles B. Rangel introduced H.R. 3970, the Tax Reduction and Reform Act of 2007, legislation that would provide tax relief to millions of New York families and businesses.
PROVIDING TAX RELIEF TO MILLIONS OF NEW YORKERS:
Specifically, H.R. 3970 would put money back in the pockets of middle and lower-income families by permanently repealing the alternative minimum tax (AMT), enhancing the refundable child tax credit, expanding the earned income tax credit (EITC) and raising the standard deduction.
“This bill would put money back in the pockets of millions of New York families and help keep our businesses competitive internationally,” said Chairman Rangel. “Because of our high cost of living, New York is one of the states hardest hit by the AMT and my legislation would eliminate this monster once and for all. The bill also provides much-needed relief to hardworking families through an increase in the standard deduction, as well as an increase in the refundable child tax credit so that low-income, working families can receive the same $1,000 –per child credit as upper-income families.”
“Further, the bill advances a goal shared by Mayor Bloomberg, expansion of the earned income tax credit for families without children so they do not have income tax liability before they reach the poverty line.”
HELPING NY BUSINESSES COMPETE AND WIN:
Chairman Rangel’s legislation would also provide significant benefit to American companies by reducing the top corporate tax rate from 35 to 30.5 percent. The legislation also encourages small business owners to invest in the U.S. by permanently extending the largest tax benefit they enjoy, the ability to immediately write-off the first $125,000 annually of their business investment.
“New York is a state that has experienced a recent loss in manufacturing jobs and this bill would increase incentives for investment in the U.S. and New York while reducing tax benefits for moving jobs offshore,” continued Rangel. ”The Administration’s concern about the competitiveness of U.S. companies appears to start at the border, since they seem more worried about the overseas operations of multi-national corporations, while opposing my efforts to reduce tax rates here in the U.S. to encourage business activity in our cities and towns.”
Click here to view a summary of the legislation provided by the staff of the Ways and Means Commitee.
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