Congresswoman Diana DeGette today applauded the U.S. House of Representatives passage of the Middle Class Tax Relief Act of 2010, which provides for a permanent extension of the Bush-era middle-class tax cuts. The bill passed the House by a vote of 234 to 188, largely along party lines.
"I am proud to have joined so many of my colleagues today to vote for this critical bill which will save a typical middle-class American family approximately $1,000 a year, without providing tax breaks for millionaires," said DeGette. "Under this bill, 97% of taxpayers in Colorado's First District will continue to receive relief as they face tough economic times. These tax cuts will spur economic growth and help the vast majority of American families, without adding $700 Billion to our federal deficit."
Under the Act, 97% of American families and small businesses will get tax cuts of $1.5 trillion over the next 10 years. For all families making less than $250,000 a year, the bill permanently extends the tax cuts enacted in 2001 and 2003, which includes current tax rates, marriage penalty relief, capital gains and dividends rates, and a $1,000 child tax credit (for earnings above $3,000). The Act also protects more than 25 million taxpayers from the alternative minimum tax by extending the AMT patch through 2011 and permanently extends small business expensing.
"Given today's highly polarized vote, it is clear Republicans continue to believe if the wealthiest people in America don't get tax cuts, then nobody else deserves them either. It's extremely disingenuous for Republicans to fight to add $700 billion to the deficit in order to give every millionaire a $100,000 check, but then refuse to extend unemployment benefits, giving families who need it most a mere $300 per week. By continuing to stand against middle-class tax cuts and withholding unemployment benefits, Congressional Republicans are quite literally the Grinch that stole Christmas for millions of Americans."
The Middle Class Tax Relief Act now goes to U.S. Senate for consideration.