Rep. Cohen Votes for Middle Class Tax Relief

“I was proud to vote for this important legislation that cuts taxes for middle-income families and saves nearly 25,000 Memphis households from paying the Alternative Minimum Tax,” said Congressman Cohen. “Memphians have seen the cost of health care, gas and college education skyrocket while their homes have lost value. This was a very important bill to pass to give them a break, and it was done while adhering to the principles of fiscal responsibility and a pay-as-you-go budget.”

The Alternative Minimum Tax was originally designed to ensure very wealthy individuals do not avoid paying income tax, but it currently threatens to impact middle-income families and raise taxes on 23 million Americans. This bill will protect them from being hit by the tax, and includes a series of other provisions that provide tax relief to working families.

The bill:
· Provides 30 million homeowners with property tax relief
· Helps 12 million children by expanding the child tax credit
· Benefits 11 million families through the State and local sales tax deduction
· Helps 4.5 million families better afford college with the tuition deduction
· Saves 3.4 million teachers money with a deduction for classroom expenses
· Provides thousands of American troops in combat with tax relief under the Earned Income Tax Credit.

“While the current administration continues to bankrupt America to pay for the war in Iraq, our legislation won’t add a single penny to the deficit,” added Congressman Cohen. “This bill will also restore some fairness to the tax code by closing wasteful tax loopholes that allow Wall Street power brokers to pay a lower tax rate on their income than teachers and firefighters. We’ve also added a provision that prevents hedge fund managers and corporate CEOs from escaping income taxes by using offshore tax havens as unlimited retirement accounts.”

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Contact:
Marilyn Dillihay, Press Secretary, Congressman Cohen (202) 225-3265/ (202) 368-9275
Charlie Gerber, Communications Assistant, (202) 225-3265 / (202) 320-2817