May 17, 2006

Crapo: Tax Relief Vital To Healthy Economy

President signs tax relief extensions into law

Washington, DC â?? Idahoans can look forward to continued lower taxes, Idaho Senator Mike Crapo said, after President Bush signed the tax relief reconciliation measure today. The bill, which was drafted, reviewed and approved through the Senate Finance Committee on which Crapo sits, will notably extend tax relief on capital gains and dividends and prevent nearly 25,000 Idaho seniors and middle-class families from unknowingly being hit by the Alternative Minimum Tax.â??By enacting this important measure, we have successfully prevented an untimely and unwarranted tax increase which could have halted the strong and solid growth we are seeing in our economy and job market,â?? Crapo said. â??This extension of the 2003 tax cuts has resulted in nearly the highest receipts received by the federal government while allowing American citizens to keep more of their own money. This is sound, responsible fiscal policy and Iâ??m pleased with this accomplishment.â??While this measure was in a Senate-House Conference Committee, Crapo led a letter to the conferees, which was signed by 19 additional senators, urging them to include the two year capital gains and dividends extensions that is now part of this law.