12.17.14

U.S. Senator Tammy Baldwin Votes for the Tax Increase Prevention Act

Washington, DC – U.S. Senator Tammy Baldwin voted for the Tax Increase Prevention Act (H.R. 5771) a bipartisan tax package that passed the U.S. Senate 76-16. The bill renews about 50 tax benefits that expired at the end of 2013, or are set to expire this year, retroactively for one year through 2014.  The bipartisan compromise also includes legislation Baldwin co-sponsored in the Senate. The Achieving a Better Life Experience (ABLE) Act, establishes for the first time tax-free savings accounts for individuals with disabilities.

“I will support this bipartisan compromise but I would have preferred a two year tax extenders agreement that gave working families and Wisconsin businesses more long-term certainty. Wisconsin families and businesses don’t plan on one year increments and we need long-term solutions, not short-term Band-Aids,” Senator Baldwin said. “There are a number of provisions that I support like tax credits to defray the cost of student’s college tuition, the Work Opportunity Tax Credit for employers who hire veterans and the long-term unemployed, and an R&D tax credit for a broad range of growth industries. However, I am very disappointed this legislation does not include an extension of the Health Care Tax Credit, which helps workers who suffer losses in pension benefits.”