Senator John Kerry (D-Mass.) today voted for the Middle Class Tax Cut Act, a Democratic proposal to extend middle class tax cuts for 98 percent of Massachusetts families and 97 percent of small businesses. The bill passed the Senate by a vote of 51 to 48.
"Many working families in Massachusetts are hanging on by their fingertips and an increase in taxes would have pushed them over the edge," said Sen. Kerry. "Making sure their taxes don't go up while they're trying to pay their bills, put food on the table, and send their kids to college is common sense and good economics. Balancing the budget on the backs of middle class families who bore the brunt of the economic collapse would be adding insult to injury."
The Democratic proposal would give 98 percent of Massachusetts families a tax cut, averaging $1600 in savings per family. The bill would also extend other tax provisions critical to the middle class, including the American Opportunity Tax Credit, the expanded Child Tax Credit and Earned Income Tax Credit, that help families afford college, cover their bills and provide for their children.
The Middle Class Tax Cut Act will:
protect 2.5 million Massachusetts families from a tax increase, saving families an average of $1600;
provide 562,000 Massachusetts families an average savings of $1000 by expanding the child tax credit;
give 195,000 Massachusetts families an average savings of $2300 to help make college more affordable by extending the American Opportunity Tax Credit; and
shield 86,783 Massachusetts families from losing key benefits from the expanded EITC changes, giving these families an average of $464 more in their pockets.