(Washington, D.C.) U.S. Representative Mike Ross (AR-04) Friday voted for legislation that offers more than $50 billion in middle-class tax relief and saves 22,971 households in Arkansas’s Fourth Congressional District from paying higher taxes under the Alternative Minimum Tax (AMT).

“Working families who play by the rules and pay their fair share of taxes should not be penalized by an outdated loophole in our tax laws,” Ross said. “I am proud to vote for a plan that cuts taxes and helps ease the burden on middle class working families. It was imperative that Congress acted to prevent the AMT from unfairly affecting working families who are already strapped due to high gas prices, and numerous other costs that only seem to be increasing, while their incomes have remained the same.”

“The Temporary Tax Relief Act of 2007” protects 23 million middle-class families from being hit by the Alternative Minimum Tax which was originally designed to ensure very wealthy individuals do not avoid paying income tax. Because the tax was never indexed for inflation, it now threatens to impact middle-class families and raise taxes on 23 million Americans had Congress failed to take action. The number of families in Arkansas would increase from 13,774 taxpayers subject to AMT, to 133,606 for the 2007 tax year. 

“While some Republicans will say we raised taxes, the bottom line is if you earn less than $500,000 a year, your taxes will be cut as a result of this common sense legislation aimed at lowering the tax burden on working families,” Ross said.

As a leader of the fiscally conservative Democratic Blue Dog Coalition, Ross said “The Temporary Tax Relief Act” is fully paid for and will not add to the deficit. It will also grow our sagging economy with tax relief to promote innovation and high-paying jobs.

“As a Blue Dog, I have helped bring fiscal responsibility back to Washington – the days of borrow and spend are over,” Ross said. “Our legislation is fiscally responsible and won’t add a single penny to the deficit.”

The legislation also includes a series of other provisions that provide tax relief to working families, such as:

·        Providing 30 million homeowners with property tax relief;

·        Helping 12 million children by expanding the child tax credit;

·        Benefiting 11 million families  through the State and local sales tax deduction;

·        Helping 4.5 million families better afford college with the tuition deduction;

·        Saving 3.4 million teachers money with a deduction for classroom expenses;

·        Providing thousands of American troops in combat with tax relief under the Earned Income Tax Credit.

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