Today, Rep. Grace F. Napolitano, voted against H.R. 8, the Job Protection and Recession Prevention Act, which passed the House of Representatives and would extend the Bush tax cuts for another year, including the wealthiest income bracket.
"The bill continues to give tax breaks to the wealthiest Americans that need the least help," Napolitano said. "The recovery has been slow and not helpful to millions of Americans who have lost their jobs and homes. They must be the ones that we protect."
The Republicans' misguided bill would hurt America's small business, since it would reduce the write-off for capital equipment, keeping them from hiring the unemployed and stimulating the economy. It would also increase the tax by average of $1,000 on 25 million families, through the elimination of the American Opportunity Tax Credit for college, the Child Tax Credit, and the Earned Income Tax Credit.
Rep. Napolitano voted in favor of the Senate version of the bill, which would have extended the Bush tax cuts for all Americans except the highest income bracket.