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Senate GOP Middle Class Family Tax Fairness Act

Senate GOP Middle Class Family Tax Fairness Act

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Published by pritchie10
A plan to provide comprehensive tax relief for middle class NY families
A plan to provide comprehensive tax relief for middle class NY families

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Published by: pritchie10 on Mar 04, 2013
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03/05/2013

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2013 Middle Class FamilyTax Relief & Fairness Act
NEW YORK STATE SENATEREPUBLICAN CONFERENCE
 
2013 Middle Class Family Tax Relief & Fairness Act
The list of challenges facing middle class families islong and growing:A sluggish national economy;Stagnant wages and eroding earning power;A weak housing market;Soaring gas prices;Skyrocketing health care and tuition costs; andA Federal government that only seems to makematters worse…
To provide a major economic boost to New York’s middle classfamilies, the Senate Republican Conference is advancing the 2013Middle Class Family Tax Relief & Fairness Act -- a comprehensivepackage of tax relief and reform measures.
OVERVIEW: The Problem Facing New York Families
 
DEPENDENT EXEMPTION:
The Dependent Exemption will be increased from $1,000 to $2,020. It will allow a subtraction from grossincome for each dependent the taxpayer claims. The last time this was increased was 1987.
• DEPENDENT CARE CREDIT: 
New York provides a tax credit to those taxpayers who incur child care expenses (daycare, after schoolprograms, etc.). This tax credit ranges from 110 percent to 20 percent of the federal dependent care credit,depending on the taxpayer’s income. The maximum amount of child care expenses that qualify for the Federalcredit is $3,000 per child. The last time the income thresholds for the credit were changed was in 1999.If this credit had kept up with ination, the income thresholds of the credit would have increased from$25,000-$65,000 to $40,000-$90,000. Taxpayers with child care expenses in excess of $500 would also beable to claim an additional New York dependent care credit of $500.
• CHILD TAX CREDIT:
The State Child Tax Credit is equal to 33 percent of the federal child tax credit. The Federal credit could be upto $1,000 per child. In New York State if you have a child that is between the ages of 4 and 16 and income lessthan $110,000 for married-joint lers, you can receive the credit. The last time this credit was amended was2006. If this credit had kept up with ination the maximum credit would have gone from $330 to $375. 
• RESTORING STAR REBATE CHECKS:
Before the Senate Democrats voted to eliminate the STAR Rebate Check Program in 2009, it provided real anddirect relief to millions of people across the state, many of whom pay the highest property taxes in the country.The Senate Republican’s plan would restore the program, providing a major boost to seniors and middle classfamilies who are getting squeezed by high property taxes. Restoring STAR Rebate Checks would provide anadditional total of approximately $1.3 billion in tax relief.
KEY ELEMENTS:
The Senate Republican Plan would increase tax breaks for the middle-class that have not kept pace with ination and, in some instances,haven’t been adjusted for more than 25 years.
2013 Middle Class Family Tax Relief & Fairness Act

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Bernie Tocchio added this note
grandpa1943 We need this and anything else that will help the elderly, Thank you for any help you can give. We on fixed income know how difficult it is to live in these times....
pappa1958 added this note
Thank you. Ray
David Brewer added this note
i am all for it , when
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