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Wake Up Macon

 

 

 

 

Chambliss Votes Against Tax Breaks For Georgians

 

 

 

 

 

 

 

 

Saxby Chambliss voted this morning against a package to extend the tuition tax credit and provide incentives for clean energy development. The package Chambliss voted against also contained tax deductions for teachers who spend their own money on classroom supplies, which currently affects over 115,000 Georgia teachers annually. The bill Chambliss opposed would have extended these important tax cuts without putting American taxpayers deeper into debt by including offsets that rein in breaks for multinational corporations and hedge fund managers investing offshore.

 

 

“At a time when Georgians are feeling the weight of failed economic policies on their shoulders, Chambliss voted against lightening their loads,” DSCC spokesman Matthew Miller said. “Saxby Chambliss could have stood up for teachers who pay for supplies out of their own pockets and for families struggling with college tuition costs, but instead he inexplicably put multinational corporations ahead of Georgia families.”

 

 

Key Bill Provisions

 

·        Increases incentives for clean energy entrepreneurs by $18 billion to promote energy independence and create jobs.

 

·        Expiration of the wind energy credit is projected to put existing 76,000 jobs at risk.  (awea.org/newsroom/pdf/Tax_Credit_Impact.pdf)

 

·        Incentives would support research into clean coal technology, among other things.

 

·        Other incentives include solar, biofuels, and energy efficiency of buildings.

 

·        Extends the tuition deduction, which makes college more affordable for over 4.4 million families, with an average tax cut of $1,120.

 

·        Expansion of the child tax credit to extend the $1000-per-child tax credit to reach an additional 2.9 million children.

 

·        Extension of the teacher expense deduction, which allows 3.4 million families of teachers a deduction for buying supplies for their classrooms.

 

·        Extension of the research and development tax credit, which helps American businesses innovate; over 27,000 businesses will take this credit in 2008, with Minnesota and Texas being among the states with the most companies utilizing this provision.

 

 

Offsets

 

The bill extends these important tax cuts without putting American taxpayers deeper into debt by including two offsets:

 

·        Ends the deferral of offshore income for hedge fund managers – require hedge fund managers who invest in offshore investment funds to pay taxes on that income when it is earned, rather than putting off taxation until those funds are brought back to the U.S.

  • Delays implementation of a new tax break for multinationals – the worldwide allocation of interest provision enacted in 2004 and slated to take effect in 2009 would be delayed, leaving businesses in the same position as today.

 

 

You are Visitor #  Hit Counter   Updated Wednesday April 05, 2006 12:40:42

 

 

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