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Nevada Tax: New legislation cuts taxes for middle class families and small businesses

Tax legislation includes a host of tax credits, tax extenders and tax incentives
Senate Majority Leader Harry Reid, D-Nev., Monday outlined an ambitious legislative agenda for Senate action in June.

Reid, hoping to prod his colleagues in the slow-acting Senate to swifter action before Independence Day, said that there are many important national issues awaiting the attention of the world's greatest deliberative body.

"Every time I go home to Nevada, I am reminded of how much more we have to do, and [am] reenergized to do it," he said. "The work period between now and July 4 is short, but our to-do list is long."

Topping Reid's list for swift action is another emergency extension of unemployment benefits.

"These benefits have now expired - and so has our patience for excuses," Reid said. "Many who oppose this extension gave tax breaks to rich CEOs who shipped American jobs overseas. Now their constituents are looking for a lifeline in a job market Republicans helped sink."

He added, "This legislation also cuts taxes for middle class families and small businesses. It includes a host of tax credits, tax extenders and tax incentives - all of which will help put people back to work. It's something Republicans and Democrats should come together to finish because it's something we can all be proud to support."

Reid said he plans to seek additional federal money in the bill to help states pay for Medicaid programs that provide health insurance to the poor before turning to a new bill that would establish a new lending facility for small businesses through the Small Business Administration and enact tax cuts to promote hiring.

Also during June, Reid said it would be important for the Senate to pass conference reports ironing out the differences between House and Senate versions of the war supplemental spending bill and the Wall Street reform package to overhaul the financial regulatory structure.

"Our military is about to undertake the most important mission of the war in Afghanistan," Reid said, referring to the buildup of U.S. troops and subsequent assault on Taliban strongholds. "We've given them this mission - now we have to give them what they need to accomplish it."

On financial reform he added, "The bills both the House and Senate passed will enforce the toughest protections ever against Wall Street greed, will guarantee taxpayers they will never again be asked to bail out a big bank, and will make sure no bank can become too big to fail. I hope we can send our final bill to the President this month."

Reid said he'd also like the Senate take up legislation to restrict corporate spending in campaigns, consider a food safety and child nutrition bill, pass the Defense Authorization bill and see the Judiciary committee begin its hearings on Supreme Court nominee Elana Kagan, the solicitor general.

"And though we may not get to it this short work period, the Senate must take definitive action to hold companies like BP accountable for disasters like the one that's poisoning our waters and shores more and more every day," he said.

He added, "There is an enormous and unacceptable amount of pollution harming our water, wildlife, beaches and businesses. As much as 35 million gallons have already leaked, and that oil could make its way to the south of Florida and up the eastern seaboard. By comparison, the Exxon Valdez spilled 11 million gallons."

The spill, Reid said, underscores the need for the country to enact a new energy policy, something that the Senate has thus far shied away from doing.

"We need a policy that fully recognizes the obvious and hidden costs of the way we produce and consume energy today. We need to confront and limit the risks of future catastrophes," he said. "We cannot wait to act until after more tragedies and disasters happen."

He added, "A new energy policy must strongly encourage companies to invest rapidly in technologies that make us safer, more competitive and more energy independent. … We need better options than oil, and we needed them yesterday."

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