U.S. Rep. Bill Pascrell, Jr. (D-NJ-8), a member of the House Committee on Ways and Means and House Budget Committee, today blasted House Republicans for voting to extend Bush Tax Cuts for the wealthy while raising taxes on 25 million families by an average of $1,000. The Republican-sponsored measure would curtail the Earned Income Tax Credit and the Child Tax Credit, and eliminate the American Opportunity Tax Credit, which helps make college more affordable for middle class families.
"House Republicans proved whose side they are on today, and they sure don't stand with the middle class. Make no mistake, this bill will give an average $74,500 tax cut to every millionaire, but raise taxes an average of $1,000 for the middle class and working poor," said Rep. Pascrell, a co-sponsor of the competing Democratic proposal, H.R. 15, which extends all income tax cuts for the 98 percent of families with incomes under $250,000. "House Republicans rejected the balanced Democratic plan to give everyone, from the deli counter employee to Donald Trump, a tax cut on the first $250,000 of income. Only the very wealthy get a piece of the almost $30 billion giveaway included in the Republican plan."
The Republican plan gives almost $30 billion in tax cuts to millionaires, while raising taxes on middle class families an average of $1,000. In New Jersey, the bill will raise taxes for 3.2 million middle class and working poor families.
"Trickle down economics and tax cuts for millionaires didn't work for President Bush and they won't work now," added Pascrell. "The proof is in the pudding: from 2000 to 2008 we went from a $5 trillion surplus to $10 trillion in debt, and 4.2% unemployment to losing 750,000 jobs a month. Mitt Romney and the Tea Party House just don't understand that the middle class is hurting and needs help. We need real solutions and real reform. Let's stop the political posturing and pass the middle class tax cuts that we all agree on, and which the already Senate passed, right now."
Rep. Pascrell is a cosponsor of legislation introduced this week in the House which is identical to the middle class tax cut bill that passed the Senate last week. The measure, H.R. 15, extends all income tax cuts for the 98 percent of families with incomes under $250,000 ($200,000 for singles), including these tax credits in their current forms. The bill also extends tax cuts for 97% of small business owners.