Taxes
Fortunately, on December 17, 2010, the President signed into law a two year extension of these rates. The enacted tax provisions will help grow the economy and will prevent taxpayers from having to pay even more in taxes. Current income tax rates were extended across the board, keeping the tax burden low on both low and middle income families as well as small businesses. Tax rates for capital gains and dividends were extended, as well as marriage penalty tax relief and a short term fix to the alternative minimum tax. This bill included a provision to prevent a jump in the estate tax to a 55 percent rate for estates over $1 million by setting the rate at 35 percent for estates over $5 million. By addressing the death tax, farmers, ranchers, and small business owners are provided with certainty about the costs of passing on the family farm or small business to their children and grandchildren. The child tax credit was also expanded to help ease the tax burden on American families.
This piece of legislation also included various other tax provisions. This bill included extensions of tax measures such as the state and local sales tax deductions, the tax credit to allow teachers to buy supplies for their students, and the biodiesel tax credit. Nearly all of these tax provisions have been previously extended by Congress. Like all legislation, this bill was not perfect. However, failing to act would have meant higher taxes for the American people at the beginning of 2011.
Despite this success, Democrat leaders and the Obama Administration have proposed increasing taxes on everything from soda pop to small businesses. Instead, I believe our tax policy should allow all Americans to keep more of their hard earned dollars as well as encourage individuals to plan, save, and invest for retirement. As a member of the Senate Finance Committee, which oversees our nations tax laws, I will fight to reform our outdated and unnecessarily complicated tax code, provide meaningful tax relief, prevent tax hikes, and put our economy on sound footing.
January 2013
Date | Title |
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1/24/13 | Thune on Senate Floor on Budget |
December 2012
Date | Title |
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12/10/12 | Thune on CNBC's "Squawk Box" on Boosting Economic Growth |
12/10/12 | Thune Guest-Hosts CNBC's "Squawk Box" |
12/7/12 | Thune on Fox News' "FOX & Friends" on Fiscal Cliff |
August 2012
July 2012
Date | Title |
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7/31/12 | Committee Approves Thune Bill to Block European Tax on Flights in U.S. Airspace |
7/26/12 | Senate Passes Thune-Sessions Sequestration Transparency Act |