Roskam Calls for Tax Cuts to be Made Permanent

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On the last day to file tax returns, Sixth Congressional District Candidate Senator Peter Roskam announced that he would vote to make permanent the tax cuts that have been enacted since 2001. “I believe that families in this district deserve to keep more of their hard earned money rather than sending it to Washington."

On the last day to file tax returns, Sixth Congressional District Candidate Senator Peter Roskam announced that he would vote to make permanent the tax cuts that have been enacted since 2001. “I believe that families in this district deserve to keep more of their hard earned money rather than sending it to Washington. Our state is ranked 46th in the nation in job growth thanks to the Democratic leadership. In the legislature, I have been a consistent advocate for the taxpayer. I will bring that same clarity to Washington by voting to make permanent the tax cuts for working families and businesses.”

Roskam also discussed his record in the legislature on the issue of taxes. Throughout his career, he has authored or co-authored fourteen bills to cut taxes, including doubling the education tax credit (modeled after the Bush tax plan), tax credit for tolls/I-PASS, tax credit for employers who provide Medical Savings Accounts, home mortgage deduction, seniors homestead extension, property tax relief and legislation to offset soundproofing for residents near O’Hare Airport. In 2005, Roskam launched an Internet and media campaign to defeat a $3 billion tax hike and earned the praise and recognition from taxpayer organizations. “Peter Roskam’s leadership was vital to combating what would’ve been the largest tax increase in state history. Roskam has established himself as a true hero of the taxpayer,” Greg Blankenship, Director of Illinois Policy Institute.

According to the U.S. House Budget Committee, if these tax cuts are not made permanent it will be the largest tax increase in our nation’s history. Opponents state that these tax cuts are for the rich, but figures from the U.S. Department of Treasury indicate the opposite. The top 5% of taxpayers paid more than one-half (54.4%) of all taxes. The top 1% of taxpayers paid more than one-third of all taxes and this same group has paid more than 30% of taxes since 1995. Since the tax cuts were enacted, the top 50% of all taxpayers have paid more than 96% of all taxes since 2001. On the issue of job growth, 5 million jobs have been created since the tax cuts were enacted in May, 2003. An additional 2 million jobs have been created since December, 2005.

Roskam calls for the following tax cuts to be made permanent:

-Permanently extending tax rate reductions

-Permanently extending marriage penalty relief

-Permanently extending the per-child tax credit

-Permanently extending the elimination of the Death Tax

-Permanently extending capital gains tax relief

-Permanently extending dividend tax relief

-Alternative Minimum Tax (AMT) relief

-Research and Development tax credit

Roskam Tax Highlights

·    Child Tax Credit - Authored legislation to double ($500 to $1000) the Child Tax Credit so families could save more for their children’s education (SB 85, 94th GA; H.B. 62, 88th GA).

·    Health Insurance Tax Credit - Co-Authored legislation providing a tax credit to employers ($1000) who establish a Medical Savings Account for their employees (SB 3014, 94th GA).

·    Tolls Tax Credit - Co-Authored legislation allowing taxpayers to deduct the cost of their tolls and I-PASS responders (SB 294, 94th GA).

·    Property Tax Freeze/Veterans Homestead Exemption – Supported legislation to freeze property taxes at 7% for additional 3 years for Cook County; Established a Veterans Homestead Exemption of $5,000 for veterans who return from active duty in an armed conflict involving the United States (SB 2691, 94th GA).

·    Defeat Tax Hike – Roskam was instrumental in defeating legislation that would have raised taxes on individuals and businesses up to 67% totaling $3 billion. Roskam led an online petition effort and a paid media effort to communicate the facts of this legislation. Roskam earned a “Taxpayer of the Year Award” from the nation’s leading taxpayer watchdog group for his efforts (HB 755, 94th GA).

·    Long Term Health Care Insurance – Co-Authored legislation providing a tax credit for purchasing long-term health care insurance. This credit would equal 25% of the health insurance contract (SB 2173, 94th GA).

·    Taxpayer Bill of Rights – Authored legislation creating a “Taxpayer Bill of Rights” instructing the Illinois Dept. of Revenue to send correspondence to the taxpayer acknowledging the conclusion of an audit for their files (H.B. 4977, 93rd GA).

·    Income Tax Rate Decrease – Co-Authored legislation to decrease the individual tax rate (3% to 2.75%) and corporate tax rate (4.8% to 4.4%) to spur economic growth (H.B. 2403, 90th GA).

·    Property Taxes Credit – Authored legislation allowing taxpayers to receive an additional 5% tax credit to their property taxes paid during the first year of their home purchase (HB. 2576, 90th GA).

·    Soundproofing Tax Credit – Co-Authored legislation to provide a tax credit to taxpayers who soundproof a building within 5 miles of O’Hare. Taxpayer can receive up to 50% of the amount expended on the project (H.B. 1696, 90th GA).

·    Working Family Tax Credit – Co-Authored legislation to create a tax credit for families equal to the 5% Earned Income Tax Credit (H.B. 65, 88th GA).

·    Seniors Homestead Exemption – Co-authored legislation to increase the senior citizens homestead exemption (H.B. 64, 88th GA).

·    Home Mortgage Deduction – Co-Authored legislation to create a $5,000 mortgage tax deduction for individuals who are seeking to purchase a home (H.B. 63, 88th GA).

Contact:

Ryan McLaughlin

630-221-0006

312-969-0255

http://www.roskamforcongress.com

423 West Wesley Street, Wheaton, Il 60187

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Ryan McLaughlin
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