On Monday, March 4, 2013, I, along with other members of the Senate Republican Conference, proposed the Middle Class Family Tax Relief & Fairness Act.
This proposed legislation would restore the STAR Rebate Check Program to help families pay their high property tax bills.
In addition, the proposed legislation would double the Dependent Tax Exemption which has not risen in 25 years. The legislation also provides an additional $500 child tax credit, and increases the value of Dependent Care Credit. Under the Senate plan I put forward:
* A family with an annual income of $55,000 with two children, the total increase in tax savings would be $1,036.
* A family making $100,000 a year with two children, would have their tax savings increased by $812.
* A single parent with one child, and an income of $45,000 per year would see an increased savings of $811 under this tax relief plan.
I know that while some people feel an economic recovery is occurring, it is happening too slowly and not helping enough middle class families. I will keep working to reduce the tax burden and encourage growth in the private sector.
To view my additional comments on the Family Tax Relief & Fairness Act, please open the link below.