Message from Congressman Mike Ross

Congressman Mike Ross' message to constituents, "As you may know, Congress is an a fierce debate on how to address the 2001/2003 tax cuts originally passed under President Bush, all of which are set to expire on December 31, 2010. Some want to extend the tax cuts for everyone, some for just those families making less than $250,000 and some don’t want to extend the tax cuts for anyone. This debate is ongoing and is no doubt a passionate one. However, the debate is not just between Democrats and Republicans – the debate is also between the House and Senate. If none of these groups can reach a compromise and nothing is done, then every tax-paying American will see their taxes go up on January 1, 2011, representing one of the largest tax increases in American history. I have said from the beginning that I believe raising any taxpayer’s taxes in an economic recovery is the wrong approach. I firmly believe that working families know how to spend their money better than the federal government does. That’s why I have continually urged our leaders in Washington to extend the tax cuts for everyone and I will keep fighting until we do so.On December 2, the House passed the Middle Class Tax Relief of 2010 on a bipartisan vote of 234 to 188, which will permanently extend the 2001/2003 tax cuts for individuals making less than $200,000 a year and families making less than $250,000 a year, including 97 percent of small businesses nationwide. This bill, now being considered by the U.S. Senate, will permanently extend the tax cuts for 99.2 percent of taxpayers in Arkansas’s Fourth Congressional District. Extending these tax cuts will spur economic growth in America and help the vast majority of American families who are struggling through a tough economy. While I support and will also vote for an extension of all the tax cuts, I do not think 99.2 percent of the working families in my district should be punished while a compromise is being worked out between Democrats and Republicans and the House and Senate.Also included in this legislation is a provision that protects more than 25 million taxpayers nationwide from the alternative minimum tax (an extra tax some people have to pay on top of the regular income tax) by extending the AMT patch through 2011. The bill also makes permanent the increased small business expensing amounts set to expire at the end of 2010, allowing small business taxpayers to write-off the costs of certain expenses in the year they acquire them rather than recovering the costs over time through depreciation.Please know that this will continue to be a major issue over the next few weeks as our leaders work out their differences. Rest assured my focus will continue to be on our economic recovery and on creating jobs for families in Arkansas’s Fourth Congressional District. I believe extending these tax cuts for everyone will help with our economic recovery as we bounce back from these tough times."