From LV Congressman Charlie Dent:WASHINGTON, D.C. – U.S. Rep. Charlie Dent (PA-15) last night voted for H.R. 4853, the Middle Class Tax Relief Act, which prevents a massive tax increase from taking effect on January 1, 2011. The bill extends many tax relief provisions established in 2001 and 2003 that are set to expire at the conclusion of 2010. Specifically, H.R. 4853 extends existing individual income tax rates for all Americans for two years, extends the child tax credit, preserves marriage penalty relief, protects middle-class families from the Alternative Minimum Tax (AMT), institutes sensible estate tax rates, and maintains the current rate of 15 percent on capital gains and dividends to encourage investment.
“I am pleased Congress has finally ensured American families and businesses will not face a significant tax increase in the New Year,” Dent said. “Preventing a massive tax hike will support needed economic growth by encouraging greater investment. In the midst of a recession, our failure to prevent looming increases would have been an incredible disservice to the American people.”
A major component of the legislation is the modification of estate tax rates, which would have risen to an astonishing 55 percent with only a $1 million exemption in 2011 without Congressional intervention. H.R. 4852 establishes a lower tax rate (35 percent) and higher exemption ($5 million) than previous years, ensuring the government does not claim over half the value of estates at the time of one’s death. During House consideration of the bill, Dent opposed an amendment offered by Rep. Earl Pomeroy (ND) that would have taxed estates at 45 percent.
“Providing the best possible estate tax relief is essential to preserving Pennsylvania’s family farms,” Dent explained. “Following the death of a loved one, local family farmers are too often forced to sell their property simply to afford the federal government’s hefty tax. I believe the estate tax levels agreed upon when this legislation was crafted are appropriate.”
The bill passed by the House is identical to legislation approved by the U.S. Senate earlier this week with overwhelming bipartisan support. It is the product of an agreement developed by the Obama Administration and Congressional Republicans.
“The passage of this bill proves to the American people that elected officials can deliver positive results when committed to constructive dialogue and a cooperative legislative process.”
I just really don't get Congress or Rep. Dent. This was essentially a stimulus bill by another name. So much for the debt commission study. Instead of hard choices made by adults, the compromise we get is the children deciding to cut taxes and increase spending.
ReplyDeleteJean Monnet stated that “people only accept change when they are faced with necessity, and only recognize necessity when a crisis is upon them.” Remember this compromise when we face the inevitable crisis Dent, et. al. are leading us into.
What is worse is his harping on the changes in the estate tax rates. This is true BS. I always hear about the family farms that are lost via the estate tax, but I have never seen a politician give an actual example of one. Why? Because it has never happened. And the estate tax has nothing to do with economic growth, just a gift to the very wealthy, top 1-2% of Americans.
Publius
way to work toward a balanced budget.
ReplyDeleteOh and thanks for helping the 911 first responders. Not!! I mean the Republicans have wrapped themselves in the tragedy for ten tears. Given a chance to help the "real" hero's, the GOP yelled "no way".
ReplyDeleteNice going guys. In two years you will be going home yourselves. Maybe you can help at a hospice for the hero's you forgot. That would be one Christian way to "honor" Christmas.
Holier than Thou!
I for one agree with the prospect of taxes not going up. I know some people feel that the we must close the deficit, so taxes have to go up, but increasing taxes isnt the answer. We should decrease taxes AND decrease spending.
ReplyDeleteDemocrats just use the "tax cuts to the rich" as the latest boogie-man. Big oil, Big Insurance, George Bush, The Rich...
Oh shut up your whining fools, all you stupid people sat back and let
ReplyDeletethe Parties of Politics rule the board. N ow you don't like it.
Get off your ass and do something about it next election.
Last night in the House, a bill to provide $7.4 billion in funding over 10 years to those whose health was affected by the World Trade Center attack got 255 votes--well above a simple majority. But the bill failed because Democrats suspended the rules, which denied the Republicans the chance to offer any amendments and required a 2/3 majority to pass. According to Hill sources, Democrats suspended the rules because they were afraid that Republicans would offer a motion to recommit--the one amendment allotted to the minority party by the rules--to pay for the bill using money from Obamacare or the stimulus or an amendment to deny funds to illegal immigrants.
ReplyDeleteIt was the Democrats playing politics not the Republicans.
"all you stupid people sat back and let the Parties of Politics rule the board."
ReplyDeleteThe only thing more disasterous than a 2 party system, is any other system! Look at history where our country was dominated by only one party. Or look at other countries, like Mexico, where they have thousands of political parties.
Most of the stimulus included tax credits or tax breaks for actual investments or hiring and Dent opposed it. While I am not against extending tax breaks for the middle class, there is no guarantee millionaires will invest in America.
ReplyDeleteNow we hear of all the earmarks for the same elected officials that campaigned against them. While w are payong for project across the US, my question is what will Dent bring to his District while sitting on the Appropriations Committee?
There is a lot of double speak this election.
You mean the " Obama" tax breaks.
ReplyDeleteAnon 9:06, Fox is misleading you. The 911 First Responders Aid Bill would be fully funded by closing a 1.2% tax loophole for foreign companies dumping goods in US markets.
ReplyDeletePlease, I realize the constant draping the Flag weighs heavy on the shoulders of hypoicrites but facts are facts.
Actions still speak loader than words!
1:04 it was not FOX, sorry to break your bubble. The info came from the Hill. Democrats will spend whatever they can get their hands on or print whatever money they can't. Buying votes to stay in office....nice strategy.
ReplyDeleteAnon 620
ReplyDeleteLike we should trust the news coming from folks like Michelle Bachmann, a regular of Fox News, who claimed Obamas trip to Asia cost $200M per day. Even Bush's chief of staff Andrew Card said claim was a laughable.
However, if you google your claim and one will find it could have been lifted word for word from any number of right wing blogs. When I see it in a reputable paprer (and not on the opinion page), I will give more credit to your claim.
FAUX NEWS They Distort...You Decide.
Whatever 7:43. You couldn't even stay on point. Switch topics when facts are presented. What do you consider reputable media? CNN, MSNBC, NYT? A recent study by none other than NBC showed 90% of tv news employees donate stricly to democrat candidates.
ReplyDelete"there is no guarantee millionaires will invest in America."
ReplyDeleteThere is a virtual guarantee that they won't.
Call Verizon, Dell, RCN. See who you speaak with and what you get for your money. They ship jobs overseas and take the profits today. The see the US economy as their personal sandbox.
These "millionaires" are both Rs and Ds. They count on the public fighting amongst themselves while they rape and pillage.
They are no more than looters with Ivy league degrees. And we empower them.