Post by Admin on Sept 18, 2012 17:12:46 GMT -5
Earlier this month, the Senate Finance Committee passed a bill that would give many middle-class Floridians relief on their taxes.
The bill provides this relief in a few different ways, including extending the state sales tax deduction so middle-class Americans can claim it on 2012 taxes. In the past, this deduction has been claimed by two million Floridians, and totals more than $2.5 billion a year. I want to make this deduction permanent, and I’m cosponsoring a bipartisan bill (S. 24) to do that.
Meantime, the legislation we just passed also increases the exemption for the alternative minimum tax (AMT) so that hard-working wage earners don’t get caught in a trap that would force them to pay exorbitant taxes.
And, there are two other measures in the bill that specifically benefit homeowners. The bill reinstates a provision allowing middle-class homeowners to deduct their mortgage insurance premiums, and it also extends a rule that allows underwater homeowners to participate in short sales and mortgage modifications without taking a tax hit. Both of these provisions will help Florida’s housing market get stronger.
A few other provisions include a proposal I have cosponsored in the past to provide a tax credit for small businesses that continue to pay employees called up from the reserves to active military duty, as well as a tax deduction for teachers when they’re not reimbursed for expenses in the classroom.
This type of relief for America’s middle class is an important part of moving forward and helping our economy continue to recover from the past few years. I’ll work with my colleagues to get this passed as soon as possible. The bill next goes to the Senate floor. As always, thanks for your interest in good government.
The bill provides this relief in a few different ways, including extending the state sales tax deduction so middle-class Americans can claim it on 2012 taxes. In the past, this deduction has been claimed by two million Floridians, and totals more than $2.5 billion a year. I want to make this deduction permanent, and I’m cosponsoring a bipartisan bill (S. 24) to do that.
Meantime, the legislation we just passed also increases the exemption for the alternative minimum tax (AMT) so that hard-working wage earners don’t get caught in a trap that would force them to pay exorbitant taxes.
And, there are two other measures in the bill that specifically benefit homeowners. The bill reinstates a provision allowing middle-class homeowners to deduct their mortgage insurance premiums, and it also extends a rule that allows underwater homeowners to participate in short sales and mortgage modifications without taking a tax hit. Both of these provisions will help Florida’s housing market get stronger.
A few other provisions include a proposal I have cosponsored in the past to provide a tax credit for small businesses that continue to pay employees called up from the reserves to active military duty, as well as a tax deduction for teachers when they’re not reimbursed for expenses in the classroom.
This type of relief for America’s middle class is an important part of moving forward and helping our economy continue to recover from the past few years. I’ll work with my colleagues to get this passed as soon as possible. The bill next goes to the Senate floor. As always, thanks for your interest in good government.