Rep. Bruce Braley (IA-01) today released the following statement after President Obama proposed extending tax cuts for Americans making less than $250,000:
"The Bush tax cuts for the rich are a big reason why our nation is facing record budget deficits today. Extending middle class tax cuts will keep money in the pockets of more Iowa families, helping to drive job creation and economic growth. Rolling back the Bush tax cuts for the wealthiest Americans will help close the deficit. This is a fiscally responsible compromise that deserves bipartisan support."
According to the Iowa Department of Revenue, in tax year 2010, 99.2 percent of Iowa taxpayers reported income under $250,000.
The cost of extending the Bush tax cuts for the wealthiest Americans (those making over $250,000 per year) is estimated at $850 billion over 10 years.