Washington, DC – U.S. Rep. John Hall (D-NY19) today voted for legislation that offers more than $50 billion in middle-class tax relief and saves almost 73,000 households in the 19th Congressional District from paying higher taxes under the Alternative Minimum Tax (AMT). H.R. 3996, The Temporary Tax Relief Act of 2007, is fiscally responsible and fully paid for without increasing the deficit and was approved by a vote of 216-193.

 

"Families in the Hudson Valley have seen the cost of health care, gasoline and a college education skyrocket while their homes have lost value," said Hall. "I was proud to vote for a plan that cuts taxes for middle class families and saves 73,000 households that I represent from paying the Alternative Minimum Tax for the 2007 tax year."

 

The Hudson Valley is disproportionately affected by the AMT. In 2005, over 30,000 families paid the AMT in New York's 19th Congressional District. Without the Temporary Tax Relief Act, that number would balloon to over 103,000 families this year.  Only 12 Congressional Districts in the country have a larger number of families that would pay the AMT this year.

 

The Temporary Tax Relief Act of 2007 protects 23 million middle-class families from being hit by the Alternative Minimum Tax and includes a series of other provisions that provide tax relief to working families. The bill:

 

• Provides 30 million homeowners with a property tax deduction
• Helps 12 million parents by expanding the child tax credit
• Benefits 11 million families through the State and local sales tax deduction
• Helps 4.5 million families better afford college with the tuition deduction
• Saves 3.4 million teachers money with a deduction for classroom expenses
• Provides thousands of American troops serving in combat with tax relief under the Earned Income Tax Credit

 

The Temporary Tax Relief Act is fully paid for and will not add to the deficit.  If it becomes the law, the legislation would boost the sagging economy with additional tax incentives to promote innovation and high-paying jobs.

 

"This legislation is fiscally responsible and won't pass a single penny of debt on to our children and grandchildren," said Hall.

 

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