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 "I am a small business operator and know firsthand that keeping dollars in the hands of working New Mexico families is good for our economy. Keeping taxes low means that small businesses can grow, hire more employees and buy new equipment."
"I support the tax cuts that have been passed over the past several years, and believe that they need to be made permanent. When I get to Congress, I want to put the U.S. tax code on the chopping block. The tax code represents thousands of pages of legalese and complicated verbiage that reads like a job creation program for tax attorneys and accountants. I will work to make our tax system simpler and fairer for working New Mexico families."
Background and Challenge
Families and business owners throughout New Mexico and America will face an unprecedented tax hike if the next President and Congress do not fight on behalf of the American taxpayer to keep taxes low, with spending under control. A Democrat-controlled Congress will most certainly attempt to roll back the 2001 tax cuts, estimated to cost the average New Mexican $972.92 per year.
As a small businessman, Ed Tinsley is committed to low taxes and pro-growth policies. He believes that keeping taxes low, reducing the business tax rate and simplifying the code will keep New Mexico's economy strong and facilitate the foundation for job creation. As a volunteer, Tinsley has successfully advocated on behalf of small businesses before Congress to extend Section 179 expense deductibility for tangible property purchases and for provisions to reform accelerated depreciation schedules on qualified leaseholds.
As a Congressman, Tinsley will work to:
- Make the President's 2001 Tax Cuts permanent. For New Mexicans, these tax cuts mean an average savings of $972.92 per person, per year.
- Lower the tax rate across the board for all individuals. Further lowering the income tax rate will encourage greater productivity and will ultimately leave more money in the hands of our New Mexico families.
- Lower the business tax rate. Ensuring lower business tax rates will solidify a strong and growing economy that creates jobs for southern New Mexicans. America's current business tax rates are among the highest in the world at 35% and should be lowered.
- Repeal the Death Tax. The Death Tax is an unfair penalty for hard-working New Mexicans. It is an outrageous tax on the assets that individuals work their entire lives to be able to pass to future generations. If we do not act soon for the permanent repeal of the Death Tax, the exemptions will sunset in 2010.
- Simplify the Tax Code. The tax code must be simplified as it has grown into a confusing monstrosity, which imposes an enormous and unnecessary burden on individuals, families, and employers.
- Reform the Alternative Minimum Tax (AMT). The AMT is part of the Federal income tax system and sets a minimum tax rate of either 26% or 28% on individual and/or corporate income taxes so as to prevent the use of certain deductions. In recent years, the AMT has fallen under increased scrutiny. Because the AMT has not been indexed to inflation or recent tax cuts, an increasing number of hard-working, middle income New Mexicans have become subject to this tax. Reforming the AMT will alleviate thousands of small businesses and millions of middle-income families from an unfair tax burden.
- Extend the Maximum Deduction under Section 179 of the U.S. Internal Revenue Code. Section 179 allows sole proprietors, partnerships, and corporations to fully expense tangible property in the year it is purchased. Under Section 179(b)(1), the maximum deduction a taxpayer may elect to take in a year is currently $125,000 (2007). However, this is set to revert to $25,000 after 2010, which would hurt business owners and their families.
- Support Reform of Accelerated Depreciation Schedules on Qualified Leaseholds. Federal tax law currently requires owners to depreciate the cost of tenant improvements to nonresidential property over a 39.5 year recovery period. The Leasehold Improvement Depreciation Act of 2007 would amend the Internal Revenue Code to make permanent an accelerated depreciation on qualified leasehold improvement properties from a 39.5 year recovery period to a 15-year recovery period. We must continue to support reform of depreciation schedules for commercial properties to more accurately reflect the true life of the property and fairly treat similar properties across the tax code.
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Endorsements
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“As a young republican from Valencia County...I am confident that Ed Tinsley is the only candidate who is in touch with the issues of the 2nd Congressional district." Rochelle Chavez, M.A., Business Teacher |
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Latest News
Ruidoso, NM: Congressional candidate Ed Tinsley appeared with his
opponent today in a New Mexico Municipal League – sponsored campaign
forum where both candidates outlined specific policy differences on the
Iraq war.
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Ruidoso, NM: Congressional candidate Ed Tinsley released a
three-minute commercial today on securing America’s energy future,
detailing positions on exploring for more oil in ANWR, the outer
continental shelf and Otero Mesa.
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Ruidoso, NM: Congressional candidate Ed Tinsley called on his opponent
to announce positions on securing national, state and local energy
needs, namely, whether he is opposed to drilling for oil in the ANWR
region of Alaska, the outer continental shelf and in New Mexico.
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