Rep. Dennis Ross (R-Fla.) introduced a revised version of the Bowles-Simpson Plan of Lowering America’s Debt Act on Monday that excludes credit unions from seven reforms intended to reduce government spending.
Ross said late last year that the credit union tax exemption was “unintentionally” included in the bill’s “phase-out” section rather than the “maintained” section of the legislation. The previous version of the BOLD Act would have eliminated the tax exemption for credit unions, Credit Union Times reports.
“Representative Ross is a long-time supporter of credit unions,” Brad Thaler, the vice president of legislative affairs at the National Association of Federal Credit Unions, said, according to Credit Union Times. “We appreciate his and his staff’s openness in discussing our concerns and following through on their commitment to not include the credit union tax exemption in this bill.”
Key measures of the BOLD Act include the restriction of earmarks, the reduction of individual and corporate rates, the repeal of the alternative minimum tax on individuals, the elimination of wasteful tax expenditures, and spending cuts for the White House and Congress.Jungle Water Pool
Additionally, the bill would break down income tax into two brackets – 10 percent for annual incomes under $100,000 and 20 percent for incomes exceeding $100,000, Credit Union Times reports.
“When Floridians are having to make hard financial decisions as they sit around their kitchen tables and look at their budgets, our government must also be forced to live within its means,” Ross, a member of the House Financial Services Committee, said, according to Credit Union Times. “As a small business owner, I have had to make a payroll, balance my budget and reduce spending during difficult economic times. Now it’s time for government to do the same. The [BOLD] Act will enact substantive tax reform for both individuals and corporations while reducing federal government spending.”