Tina Smith: “I had first like to thank Chairman Grassley for all of his hard work and leadership on the tax reconciliation bill. He…”

“I had first like to thank Chairman Grassley for all of his hard work and leadership on the tax reconciliation bill. He represented the Senate well during sometimes difficult negotiations on this bill. Because Chairman Grassley stuck to his principles, we have a better bill today. I am very pleased to vote today for the Tax Increase Prevention and Reconciliation Act of 2005. Enactment of this bill is beneficial for all Americans. It will help America sustain its economic strength and allow all Americans to keep more of their hard earned money in their own wallets. One of the key provisions of the tax reconciliation bill extends the tax cuts on dividends and capital gains through 2010. We've heard a lot of chatter in the media, and frankly from the other side of the aisle, that the investment tax cuts only benefit the wealthy. However, that's simply not the case. The investment tax cuts benefit all Americans-- even those in the lowest income brackets. Let's just look at the hard facts. Out of the nearly 20 million Americans who reported taxable dividends in 2003, more than 36 percent made less than $50,000--and more than 70 percent made less than $100,000. Similarly, of the 7 million who reported taxable capital gains, more than one-third were taxpayers with income of less than $50,000 and two-thirds were taxpayers with income of less than $100,000. We find the same trends in my home State of Oregon.…”