DonYoung

Tax Increases

I believe that the best way to strengthen our economy is to reduce the tax burden on the taxpayers whenever possible.  However, legislation proposed by the President and certain lawmakers have expressed a different view.  I have supported several bills in the 111th Congress aimed at reducing taxes.  Most recently, H.R. 25, the Fair Tax Act of 2009 was introduced, which establishes a national sales tax of 23% in 2011.  In response to the creation of this national sales tax, this legislation eliminates the income tax, estate tax, and gift tax.

I also supported H.R. 205, the Death Tax Repeal Act, which completely eliminates the federal estate and gift tax.  In the President’s Budget, a tax increase on charitable donations was included, which I do not support.  This tax increase would decrease the tax credit on charitable donations from individuals in the top income-tax bracket.  Many worthwhile charities depend on donations from wealthy individuals who regularly donate to organizations which service those less fortunate.  Also proposed within the President’s Budget is a cap-and-trade tax, which would increase the average Alaskan’s household energy costs by $3,128 annually.  It is for these reasons, along with several other key issues, that I did not support the President’s FY 2010 Budget.

Hardworking Alaskans and American families nationwide have been affected by the recent economic troubles this country is facing.  I do not believe that increasing taxes, during these challenging times, is in the best interest of the people.  Therefore, I remain committed to supporting legislation which seeks to put money back in the taxpayers’ pockets.