Sixth District Congressman and Assistant Democratic Leader James E. Clyburn today reiterated his call for Congress to quickly extend tax cuts for 98 percent of all Americans.
"A failure to extend middle class tax cuts will be devastating to hard working South Carolinians," Congressman Clyburn said. "In the Palmetto State, 1.6 million middle income families will see their federal income taxes increase by an average of $1,600 unless Congress passes the middle income tax cuts extension before the end of the year."
House Republicans are insisting that the top 2 percent income earners in America must also receive a tax cut extension if the lower 98 percent receive any relief. Their tax plan rejects the need for tax fairness, strengthening the middle class or fiscal responsibility.
"Our country cannot afford the nearly $1 trillion the Republican tax plan would add to the deficit over ten years," Congressman Clyburn continued. "We must restore fairness to the tax system and require those who can afford it to pay their fair share."
History has shown that returning to the Clinton-era tax rates won't hurt the economy or small business. Under the Clinton rates, the economy created nearly 23 million jobs, and according to the Center on Budget Policy Priorities "small businesses generated jobs at twice the rate during the Clinton years than they did under the Bush tax code."
Ninety-seven percent of small businesses would not pay a penny more if the upper-income tax rates expire for the wealthiest 2 percent of Americans, according to experts such as the non-partisan Joint Committee on Taxation, Treasury Department, Tax Policy Center, and Congressional Research Service.
"Today I am urging swift action on the tax cuts for 98 percent of Americans," Congressman Clyburn concluded. "The American people, working families, the middle class, and small businesses need us to act now -- to remove all doubt. Let's get the job done for the middle class."