Idaho Congressman Mike Simpson has cosponsored legislation to promote job growth and economic stability by providing permanent tax relief for families and small businesses. H.R. 4746, the Taxpayer Certainty Act, would make permanent tax relief provisions enacted in 2001 and 2003, including lower tax rates, elimination of the death tax, and reduced rates on capital gains and dividends.
“I strongly supported these tax reforms when they were originally passed by Congress because they provided tax relief to all Americans who pay taxes,” said Simpson. “Not only did this tax relief encourage business investment and produce job growth, but it gave American families the opportunity to use and invest the money that they worked hard to earn. Providing them with certainty by making these tax cuts permanent must be a priority for Congress.”
Unless Congress acts to make these tax reforms permanent, Idahoans will face significant tax increases next year when the provisions expire. Families will face higher marginal tax rates while simultaneously losing important tax benefits, like marriage penalty relief and the increased child tax credit.
“On Tax Day this year, many Americans are struggling to make ends meet and facing difficult economic realities that make their tax burdens feel even heavier,” said Simpson. “Providing families and businesses with permanent tax relief is the best way to jump-start our economy and put us on the path toward long-term financial security.”
Simpson is also a cosponsor of legislation that would sunset the current complex and unfair federal tax code and replace it with a simple and fair alternative that would provide tax relief for working Americans, protect the rights of taxpayers, reduce tax collection abuses, and eliminate disincentives for savings and investment.