Press Releases
WASHINGTON, DC – U.S. Senator Pat Roberts today announced his support for three key, bipartisan tax relief measures allowing Kansans to keep more of their hard earned dollars.
"Most important, Congress must look at permanently repealing the Alternative Minimum Tax," Senator Roberts said. "It is a tax that is harming families it was never intended to reach."
The three tax proposals Senator Roberts is supporting include the following:
- S. 55, a bill to repeal the individual alternative minimum tax (AMT) beginning in the 2007 tax year. The legislation was introduced by U.S. Senators Max Baucus (D-MT) and Chuck Grassley (R-IA), the Chairman and Ranking member of the Senate Committee on Finance. The AMT was originally enacted in 1969 to ensure that America’s wealthiest taxpayers could not use deductions and loopholes to avoid paying the taxes. For taxpayers above a certain income level, the AMT eliminates certain tax benefits such as personal exemptions, itemized deductions for state and local taxes, and deductions for children. However, despite successful efforts to keep millions more middle-income taxpayers out of the AMT, millions of middle-income Americans still pay the AMT, and the relief for many taxpayers is temporary. Unless the AMT is addressed, by the end of the decade, 35 million taxpayers would be subject to this tax. In 2004, more than 19,000 Kansas were hit with the AMT.
- S. 502, a bill introduced by Senator Mike Crapo (R-ID), to make permanent the current capital gains and dividend rates for individuals. As part of tax relief legislation passed in 2003, Congress lowered the capital gains and dividend tax rates. This legislation makes those lower rates permanent. More than 206,000 Kansans have benefitted from this tax relief.
- Senator Roberts joins Senator Charles Schumer (D-NY) in introducing a bill, the Motorsports Fairness and Permanency Act, S. 557, to make permanent the current depreciation schedule for motorsports complexes, like the Kansas Speedway. The current seven year depreciation schedule expires in 2007. Making this depreciation period permanent will provide certainty for tracks to make long term investments, like expanding grandstand seating and other capitol improvements to their facilities. Kansas has 33 motorsports facilities in the state. The Kansas Speedway contributes $150 million a year to the Kansas economy.
The three bills go to the Senate Committee on Finance for further consideration. Senator Roberts is a new member of the Finance Committee.
