Good news for American taxpayers and small business owners!. The American Jobs Creation Act of 2004 passed yesterday.
As a Texan, I like it because it just put 1000 bucks or so back in my pocket. See, in states that have an income tax, those people can deduct the state income tax off of their federal tax. Texans don’t have an income tax, we have higher sales taxes instead. Now Texans can deduct that off of our taxes. You can either save all of your receipts (yuck) or there’s a new table that just assumes how much you spent, and then you can just save your receipts for big items like a car or a boat (yay).
The bill also cuts taxes on manufacturing plants by 9%. You know, to spur growth, increase manufacturing jobs, makes US manufacturing more competitive overseas, etc. Tax incentives are in there for small businesses, too. Go Bush!
John Kerry and John Edwards didn’t bother showing up to vote.