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| Wilson Works to Preserve New Lower Tax Bracket |
May 13, 2004 |
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Votes to Keep 10 Percent Tax Bracket for Working Americans
Albuquerque, NM – Congresswoman Heather Wilson is working to preserve the lower 10 percent tax bracket for 162,000 working New Mexicans.
“This tax bracket is specifically designed to help lower and middle income working families who need it most,” Wilson said. “The 10 percent lower bracket helps 162,000 New Mexicans.”
With Wilson’ support, the U.S. House of Representatives voted 344-76 to enact H.R. 4275 to keep the lower 10 percent tax bracket that began in 2001.
Without action, tax increases are scheduled to begin occurring this year as the tax relief expires. Unless the Senate joins the House in taking action, the 10 percent bracket shrinks by $2,000 next year for married couples and eventually goes away altogether by 2011.
Today’s vote preserves a 10 percent rate on the first $14,000 of taxable income for couples and $7,000 for singles. If the bracket is allowed to shrink next year, 73 million working people would pay higher taxes.
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