Taxes

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Across our great nation, families are struggling to make ends meet during the worst economic downturn in decades. Congress has crafted a comprehensive package that will give benefits to every sector of our economy, targeting tax relief to Middle America, poor America and businesses that can create new jobs. These economic recovery programs will directly help struggling families and provide benefits to millions who have lost their jobs through no fault of their own.

President Obama, along with the 111th Congress, faced enormous challenges in the economic environment as they designed and implemented effective U.S. tax, monetary, and economic policies. With an inaugural theme that commemorated the 200th anniversary of Abraham Lincoln's birth, we recall the core principle stated in his first inaugural address: that our country's wealth is produced by the work undertaken by the American people. Based on that ideal, Congress and the Obama Administration acted swiftly to develop economic recovery legislation  aimed at restoring America's economic prosperity and alleviating the burden of struggling American families and individuals. More recently, the Obama Administration authored a package of tax initiatives that included a temporary extension of the Bush Era tax cuts, extended its college tuition tax-credit, expanded the earned income tax credit, and temporarily lowered the Social Security payroll tax.

I believe that if we are to strengthen our economy, we must create new, good-paying jobs. By extending enhanced expense limits for small businesses and keeping more generous depreciation rules in effect, the recovery legislation will help businesses invest in themselves, allowing them to grow and create new jobs. We also provide businesses with incentives to hire recently discharged, unemployed veterans and disconnected youth so we can reincorporate them into our communities and grow together.

Congressman Charles B. Rangel's Legislation:
Voted for HR 5297 Small Business Lending Fund and Tax Law Amendments 2010
This bill establishes the Small Business Lending Fund to fund investments in financial institutions that provide loans to small businesses. It also establishes the Small Business Credit Initiative to fund state credit support programs for small businesses, and establishes the Early Stage Investment Program to support early-stage businesses.

Introduced a proposal to H.R. 301 Economic Growth Through Tax Stimulus Act of 2009 The proposal to HR 301 reduces the top corporate income tax rate by 4.5 percentage points, from the current 35 percent to 30.5 percent. It also curtails certain corporate tax benefits in order to pay for the reduction; these benefit reductions include repealing the domestic production activities deduction and the worldwide allocation of interest, limiting income tax treaty benefits for certain tax deductible payments, and imposing additional limits on U.S. corporations deferring income through controlled foreign corporations.

Sponsored H.R. 598 Opportunity Tax Credits 2009 This bill provides thousands of jobs for underprivileged young people, veterans, and ex-offenders by providing tax incentives to employers. The bill also provides for a portion of the economic recovery package relating to revenue measures, unemployment, and health.

View Press Releases On Taxes

Rangel Highlights Earned Income Tax Credit (EITC) Awareness Day, Jan 27th

Rangel Claims Victory For The American People, Urges Republicans To End Political Farce

Rangel To Unveil Corporate Tax Reform Bill