This afternoon, the House of Representatives considered several tax related bills including a Democratic bill to extend the middle class tax cuts and a Republican bill to extend all of the Bush tax cuts which are set to expire at the end of this year. Congresswoman Niki Tsongas released the following statement.
"Earlier this week, the Senate approved a bill, that I also am supporting today, that extends a tax cut for all Americans, including even the wealthiest Americans who will see a tax cut on the first $250,000 of their income.
"However, the Republican majority refuses to support the Senate legislation because it wouldn't enact an additional tax cut for income levels above $250,000 -- for the top 2% of earners. If the House came together to support the Senate bill, we could send it to the President today for his signature and we would be providing American families with the certainty we all know is so necessary to our economic growth.
"Republicans and Democrats agree that we need to take action to address the deficit, and we all agree that middle class Americans should not see an increase in their taxes at the end of the year.
"However, Republicans are holding the middle class tax cut hostage in order to give households with incomes over $1 million an average tax cut of $160,000. Estimates suggest that the Republican plan to expand tax cuts for the top 2% would add $50 billion to the deficit each year. We simply cannot afford to extend tax cuts for the wealthiest of Americans and get our deficit under control at the same time.
"The Republican plan also lets tax credits for 25 million working families expire, raising taxes on this group by an average of $1,000 per year.
"This ought to be a no-brainer, but instead, Congress is in gridlock once again. I want to see Congress pass a plan that is fair -- one that will get our deficit under control, provide certainty to small businesses and families, and focus on creating jobs and growing the economy without raising taxes on 98% of American workers."