Smith Votes for Tax Agreement

WASHINGTON, DC- Congressman Adrian Smith (R-NE), an incoming member of the tax-writing House Ways and Means Committee, tonight voted for H.R. 4853, the Middle Class Tax Relief Act. The legislation avoids a $3.8 trillion tax increase on all Americans by providing a two-year extension of all current tax rates, as well as the 15 percent rate on capital gains and dividends.

The bill extends the child tax credit, the earned income tax credit, marriage penalty relief, and educational tax credits. The bill also provides a one-year payroll-tax reduction, a two-year AMT patch, and extends the Research and Development tax credit. Additionally, H.R. 4853 sets the Death Tax rate at 35 percent with an exemption amount of $5 million for two years.

"Raising taxes during a time when our economy is struggling to recover is absolutely the wrong direction. Had Congress not acted, every single American would have seen their taxes go up on January 1st.

"It is frustrating to see such an important issue delayed until the last minute - creating an environment of uncertainty to our small business owners. With this vote, we are saving Americans from the largest tax increase ever, while opening the door for efforts to put our fiscal house in order," Smith said.