Page:United States Statutes at Large Volume 121.djvu/2648

 CONCURRENT RESOLUTIONS—MAY 17, 2007

121 STAT. 2627

TITLE IV—POLICY SEC. 401. POLICY ON MIDDLE-INCOME TAX RELIEF.

dkrause on GSDDPC29 with PUBLAW

(a) IN THE HOUSE.— (1) IN GENERAL.—It is the policy of the House to minimize fiscal burdens on middle-income families and their children and grandchildren. It is the policy of the House to provide immediate relief for the tens of millions of middle-income households who would otherwise be subject to the Alternative Minimum Tax under current law. Furthermore, it is the policy of the House to support extension of middle-income tax relief and enhanced economic equity through policies such as— (A) extension of the child tax credit; (B) extension of marriage penalty relief; (C) extension of the 10 percent individual income tax bracket; (D) elimination of estate taxes on all but a minute fraction of estates by reforming and substantially increasing the unified tax credit; (E) extension of the research and experimentation tax credit; (F) extension of the deduction for State and local sales taxes; (G) extension of the deduction for small business expensing; and (H) enactment of a tax credit for school construction bonds. (2) OTHER MATTERS.—The House assumes the cost of enacting such policies is offset by reforms within the Internal Revenue Code of 1986 that promote economic efficiency, higher rates of tax compliance to close the ‘‘tax gap’’, and reduced taxpayer burdens through tax simplification. (b) IN THE SENATE.— (1) IN GENERAL.—The Senate adopted by a vote of 97 to 1 an amendment to S. Con. Res. 21 as reported by the Senate Committee on the Budget which, with regard to tax relief, reduced the revenue aggregates by $179,816,000,000 to provide for— (A) extension of the child tax credit; (B) extension of marriage penalty relief; (C) extension of the 10 percent individual income tax bracket; (D) reform of the estate tax to protect small businesses and family farms; (E) extension of the adoption tax credit; (F) extension of the dependent care tax credit; (G) extension of the treatment of combat pay for purposes of determining the Earned Income Tax Credit; and (H) other, unspecified tax relief. (2) POLICY.—It is the policy of the Senate that this resolution supports both the enactment of the policies listed in paragraph (1) and the Senate pay-as-you-go rule in section 201, and that any additional revenues needed to meet the Senate’s tax policy goals can be achieved by closing the tax gap, shutting down abusive tax shelters, addressing offshore tax havens, and without raising taxes.

VerDate Nov 24 2008

09:54 Feb 05, 2009

Jkt 059194

PO 00002

Frm 00055

Fmt 9796

Sfmt 6581

M:\STATUTES\CONRES\59194PT2.002

APPS06

PsN: 59194PT2

�