Thursday, August 2, 2012
Congressman Reed Voted in Favor of Extending Current Tax Rates
Congressman Tom Reed voted in favor of extending the current tax rates for all Americans. The vote prevents a scheduled tax increase for 940,000 small businesses on January 1, 2013. It also prevents an increase in all tax rate brackets, including the lowest tax bracket which would increase from 10 percent to 15 percent on New Year’s Day. The legislation passed today by the House also means that families with children will save an average of $1,028 in taxes each year by keeping the child tax credit at $1000. The credit is scheduled to be reduced to $500 at year’s end.