Monday, February 14, 2011

Mike Pence and Jim DeMint Propose Real Tax Reform

Once again, it is Mike Pence and Jim DeMint leading the way.  Today, they introduced The Tax Relief Certainty Act, legislation that would make the Bush tax cuts permanent.  Here are the main provisions of the bill:

  • Make permanent the 2001 and 2003 individual income tax relief for all hard-working Americans- preserving the 10%, 15%, 25%, 28%, 33% and 35% income tax brackets, rather than allowing President Obama and Democrats to increase the top tax bracket to 39.6% and increase taxes on the lowest earning Americans in the bottom 10% bracket.
  • Permanently repeal the immoral and unfair death tax, which increases from 35% to 55% on Jan. 1, 2013. Permanent repeal of the death tax would increase GDP by $118.8 billion and lead to $23.3 billion per year in new federal revenue;
  • Prevent the tax increase on capital gains and dividends income for all Americans, rather than allowing the Democrats to increase the rates to 20% from the current 15%; and
  • Permanently patch the Alternative Minimum Tax (AMT).
While there are many priorities for the Republican run House, this bill should receive an up or down vote in the near future.

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