Sen. Richard Shelby (R-Ala.) said today that he’ll help sponsor legislation aimed at making permanent a series of tax cuts passed in 2001 and 2003.
“The only thing worse than raising taxes is doing so under difficult economic conditions, as President Obama proposes,” said Shelby in a statement. “Allowing our existing tax rates to expire will cause the largest tax increase in America’s history, which is why I strongly support this legislation to prevent it.”
In addition to freezing current income tax rates, Shelby’s legislation would prohibit tax hikes on dividends earnings and capital gains. It would also increase the Alternative Minimum Tax (AMT) exemption amount so that fewer families are subject to it.
You can read more about the Tax Hike Prevention Act of 2010, or S. 3773, by clicking here.
Shelby Aims To Permanently Extend Tax Cuts
Sen. Richard Shelby (R-Ala.) said today that he’ll help sponsor legislation aimed at making permanent a series of tax cuts passed in 2001 and 2003.
“The only thing worse than raising taxes is doing so under difficult economic conditions, as President Obama proposes,” said Shelby in a statement. “Allowing our existing tax rates to expire will cause the largest tax increase in America’s history, which is why I strongly support this legislation to prevent it.”
In addition to freezing current income tax rates, Shelby’s legislation would prohibit tax hikes on dividends earnings and capital gains. It would also increase the Alternative Minimum Tax (AMT) exemption amount so that fewer families are subject to it.
You can read more about the Tax Hike Prevention Act of 2010, or S. 3773, by clicking here.