Taylor praises tax breaks passed for members of the Armed Services

U.S. Rep. Gene Taylor said that he is pleased that the House of Representatives passed has passed the Armed Services Tax Fairness Act. Taylor said, "The Armed Services Tax Fairness Act will provide $835 million in tax relief for the men and women in our military who are serving our nation abroad. As the military action against Iraq has commenced, these men and women in the National Guard and Reserve are in harm's way and are working hard to keep our nation safe. They are making a great sacrifice and this tax relief for them and their families is one way to reward their dedication."

According to Taylor, the Armed Forces Tax Fairness Act provides relief to members of the Armed Services that includes provisions to extend the deadline for tax returns, exemptions from taxes for death payments to survivors and a tax deduction up to $1,500 for travel to and from Guard or Reserve training that is more than 100 miles from home. The bill also suspends the requirement that uniform military members must have owned and used a home as a principal residence for a least two of five years to avoid capital gains taxes.

Taylor added, "This legislation will save military families $85 million in taxes in 2003 and $835 million over the next 10 years."

Taylor did express his disappointment that passage of the bill was delayed a week because the Republican majority loaded up the original bill with unrelated pork provisions. Some of these provisions included a tax break for foreigners who place bets outside of the United States on horse races in this country, a special tax break for manufacturers of fishing tackle boxes, a tax break for certain ranchers for the weather-related sale of livestock and a tax break for certain archery bows. "It has shameful" said Taylor, "that these tax breaks for special interests unrelated to our military were included in the original bill and delayed passage of the final bill that only contained tax relief for the men and women serving in our military."

 

© Magnolia Political Report 2002 • PO Box 24233 Jackson, Mississippi 39225 FAX 601.355.7885 • scoop@magnoliareport.com Josh Gregory, Editor