Congressman Paul Tonko today voted today to stand with middle and lower income families and against the failed policies of the past which lined the pockets of millionaires and billionaires and left the middle class holding and paying the bill, with borrowed money from China. The House today passed an extension of the Bush tax cuts on the first $200,000 of income for individuals and $250,000 for families. The vote was 234-188, with only three Republicans voting in favor.
"This bill will continue the tax cuts for 98% of taxpayers in the 21st Congressional District -- that's 342,000 individuals who can count on the extra cash to pay bills, put food on the table and heat their homes," said Congressman Tonko. "We simply can no longer afford a tax cut for millionaires and billionaires, and expect the rest of us to pay the bill. It is time that we empowered the middle class and restored fairness to our income taxes."
The Middle Class Tax Relief Act permanently extends the middle class tax cuts, which will help Americans struggling with the tough economy and spur economic growth.
Extending the tax cuts to the wealthy would saddle our children with more than $700 billion in additional debt.--$2,000 per American household. 80% of those cuts would be used to provide millionaires and billionaires with an average bonus tax cut of $100,000 per year.
"We cannot afford a tax cut for millionaires and billionaires," added Congressman Tonko. "It is unconscionable that Republicans would hold hostage tax breaks for the middle class and an extension of unemployment benefits for those hit hardest by the recession -- to help their wealthy friends. Republicans claim that nothing is more important than tax cuts for the top 2% of income earners in our country. But I have one question for those that support a continuing government handout to millionaires and billionaires -- where are the jobs?"
The bill now heads to the U.S. Senate.