U.S. Senator Jeff Bingaman today voted to extend tax cuts to all American families on the first $250,000 of income they earn. The legislation, which passed 51 to 48, also extends tax cuts that make college more affordable and to families with children.
"The Senate approved a sensible proposal to keep in place tax cuts on a family's income up to $250,000. While these tax cuts benefit nearly all American families, the greatest benefit will be felt by those who need it most: the middle class," Bingaman said.
Bingaman voted against a separate proposal that would have kept in place certain tax cuts for income over $250,000 while letting other key tax cuts expire. Fewer than two percent of American families earn over $250,000 per year.
The proposal Bingaman supported extends existing tax rates for individuals on their first $200,000 of income and for married couples on their first $250,000 of income. Those cuts are worth an average of $1,600 to the average family. It also extends other tax provisions critical to the middle class -- 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.