Washington, D.C. – U.S. Representative Charles W. Boustany, Jr. (R-Lafayette) today urged Congressional Democrats to act quickly to prevent tax hikes on millions of Americans and thousands in Southwest Louisiana as tax exemptions are set to expire.

 

“With the holiday season upon us, charities that depend on giving will be squeezed, just when folks depend on them most.” said Boustany. “Actions have consequences, and Washington Democrats’ decision to hold off on extending these worthwhile tax exemptions will result in a delay of tax returns for thousands in Southwest Louisiana and less giving.”

The House passed a tax increase to cover an extension of several exemptions including those for charitable giving, tuition, and retirement savings. However, because the bill is an estimated 130% tax hike, it has little chance of becoming law. Delays past November in finalizing tax policy could result in a significant delay for Americans’ tax returns next year. The IRS is scheduled to complete tax forms for 2007 by the end of November, but setbacks by Congress would slow their work ensnarling millions of Americans.

 

House Democratic Leadership announced early Thursday morning that no votes would be held on Friday, leaving only one day to fix the tax code before adjourning for Thanksgiving.

 

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