A press release from Republican congressional candidate Joe Visconti:
Visconti Proposes IRS Energy, Education and Credit Card Deductions
Homeowners and renters will receive a tax write off for their heating, cooling and electric bills on their homes and apartments under a tax reform proposed by Republican Congressional Candidate Joseph Visconti.
The proposal is one of a series of IRS reforms Visconti is advocating.
Taxpayers at or below the 25% tax bracket - up to $78,000 filing single or up to $131,000 for married couples filing jointly - will receive a tax write off for 100%. Those at the 28% bracket will receive a 25% write off.
Visconti, who has made revision of the IRS tax code a priority if elected to represent the 1st Congressional District, said homeowners and renters should be able to deduct the money they spend for heating and cooling as well as other power costs since these are basic human needs.
Visconti said, "This proposal works in two ways. First it gives the homeowners and renters a deduction on their Federal income tax. Second it forces the government to get serious about developing alternative power sources, promoting safe and clean nuclear energy, fostering coal to clean gas, shale oil, investing in hydrogen development, and encouraging conservation, as well as regulating the energy industry appropriately."
"Congress is hitting the taxpayers on multiple fronts, through irresponsibility on Wall Street oversight as it makes billions of taxpayers' dollars available to financial firms, the corrupt and incompetent heads of quasi-public mortgage firms, and outgoing CEOs under questionable claims of an 'emergency bailout.'"
"It’s time for Americans to say the Buck Stays Home," Visconti said.
Visconti also is proposing federal tax deductions for college loans taken out by either parents or students; but only if the students earn their degrees. "With the cost of college spiraling out of control it is time to get serious about promoting college affordability," Visconti said.
Visconti also is proposing federal tax deductions on credit card interest of up to $2,500 per year to ease the burden on taxpayers who have been forced to live partially off their credit cards. "The credit card industry must also be overhauled. Interest rates are over 25 percent in some cases," he noted, calling such rates "criminal."
"When our energy costs, college loan interest, and credit card interest are federal tax deductions, we keep more of our own money and decide where it will be spent rather than giving it to Congress. These tax deductions if approved will keep our money at home and will help restore consumer confidence," Visconti said.
Visconti is facing incumbent Democrat John Larson, who has held the seat for a decade.
Copyright 2008. All rights reserved.
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