Hochul To Congressional Leadership: Act Now To Extend Middle-Class Tax Cuts

Press Release

Today, Representative Kathy Hochul (NY-26) sent a letter to the House and Senate leadership urging them to permanently extend the middle-class tax cuts.

"After a week traveling the district and meeting with constituents from Lancaster to Warsaw, I heard one consistent message: people need a greater sense of economic security," Rep. Hochul said. "Just as small businesses need financial certainty to make good business decisions, middle-class families need financial certainty to budget for their mortgage, car payment, or children's college tuition."

Hochul's letter notes that too often Congress has delayed important economic decisions until the last minute. She states this threatens not only the country's economic recovery, but also domestic and global confidence in the American economy. By permanently extending the middle-class tax cuts, Hochul believes we can send a clear message that we are able work together to provide important tax relief and demonstrate a united commitment to strengthening the American economy.

"We cannot allow the budgets of working families to be held hostage by congressional inaction," said Hochul. "Although our country continues to debate tax policy and the most appropriate approach to balancing the budget, we can all agree, Democrats and Republicans, that the permanent extension of the middle-class tax cuts would benefit millions of families as well as the American economy. I urge my colleagues in the House and Senate to work together to permanently extend tax cuts for middle-class families immediately."

In 2013, more than 75 percent of the current tax cuts for upper-income taxpayers will benefit individuals earning $1 million or more, while these individuals represent less than one-third of one percent of all taxpayers. Rep. Hochul continues to advocate for allowing the Bush-era tax cuts to expire for those with an earned income of $500,000 or more a year and to use the resulting revenue to pay down the deficit.

The middle-class tax cut amounts on average to $2600 per year, per family. With an average mortgage payment of $1,061 and the average US family of four spending approximately $800 on back to school purchases this year, this tax cut is critical for middle-class families.

The consumer confidence index in June dropped to 62 from May's revised index of 64.4. With confidence slipping, Rep. Hochul asserts the pressing need to pass a permanent extension of the middle class tax cut.

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