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News
from Rep. Stephanie Herseth Sandlin
HOUSE PASSES MIDDLE-CLASS TAX RELIEF Herseth
Sandlin Supports Bill to Prevent Tax Increase on 38,000 South Dakota
Families November 9, 2007, Washington D.C. - The U.S. House of Representatives today approved H.R. 3996, the Middle-Class Tax Relief Bill, which includes a range of tax cuts targeted to benefit working families in South Dakota and across the country. Rep. Stephanie Herseth Sandlin supported the bill to protect tens of thousands of South Dakota families from a significant and unacceptable tax increase. The Middle-Class Tax Relief Bill heads off a considerable expansion in the Alternative Minimum Tax, or AMT, which will ensnare more than 23 million additional households nationwide in 2007, including more than 38,000 additional households in South Dakota. The bill also extends a number of important tax credits and deductions that expire at the end of the year, including the state sales tax deduction for states, like South Dakota, that do not have a state income tax. In South Dakota, 2,806 households paid the Alternative Minimum Tax for 2005. However, if Congress fails to take action, that number is estimated to rise to 41,658 households who would be subject to the tax in 2007 – an increase of 38,852, or 1385% over the two year period. The Middle-Class Tax Relief Bill would ensure that these families will be protected from this tax increase. Rep. Herseth Sandlin said, “The AMT is a ticking time bomb that threatens to affect far more South Dakota families than it should. This bill is a responsible way to prevent that from happening and to protect middle-class families from paying substantially higher taxes.” In addition to heading off the Alternative Minimum Tax increase on 38,000 South Dakota families, the Middle Class Tax Relief Bill would:
Importantly, in accordance with the fiscally responsible pay-as-you-go House budget rules passed at the beginning of this Congress, the Middle-Class Tax Relief Bill does not increase the national deficit. The bill restores fairness to the tax code and closes wasteful tax loopholes that allow a privileged few on Wall Street to pay a lower tax rate on their income than other hardworking Americans. Herseth Sandlin added, “When thousands of South Dakota families are going to get hit with a new, unintended income tax, there is clearly something wrong with our federal tax policy. This bill makes our tax code more responsible and equitable, and at the same time is fiscally responsible because it doesn’t add to our national debt.” # # # Congresswoman Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives. She is a member of the Blue Dog Coalition, a group of moderate Democrats committed to fiscal discipline and strong national security, and is co-chair of the Rural Working Group, which is dedicated to raising the profile of issues important to rural America. She also serves on three committees vital to South Dakota’s interests: Agriculture, Veterans’ Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin was one of only 15 members appointed to serve on the Select Committee on Energy Independence and Global Warming. |
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