Today U.S. Rep. Gary Peters voted against the House Republicans bill to protect tax cuts for millionaires and billionaires by extending all of the Bush tax cuts. As a strong supporter of middle-class tax cuts, Peters called on the GOP to stop playing games and hold a vote on the Senate passed plan to extend tax cuts for 98% of Americans. With Congress set to recess for six weeks in just one day, now is the time for action.
"By continuing to protect tax breaks for millionaires and billionaires, House Republicans are risking a tax hike on 98% of Americans,"said U.S. Rep. Gary Peters. "With just one day until Congress goes on summer recess, now is not the time for another display of Tea Party brinksmanship. Everybody knows that folks at the top are doing just fine, so let's pass the Senate's bill to protect tax cuts for the rest of America."
Holding the Middle Class Hostage to Tax Cuts for Very Wealthiest
Instead of doing what we all agree on -- extending the middle class tax cut -- Republicans are holding the middle class tax cut hostage to huge tax breaks for the very wealthiest Americans and proposing to actually raise taxes on 25 million lower- and middle-income families.
Holding middle class tax cuts hostage to breaks for the wealthy:The average millionaire would reap a $160,000 tax cut in 2013 alone under the GOP plan, versus $2,200 for the typical middle-income family of four. Source: National Economic Council.
Blowing bigger hole in the deficit:Extending tax breaks to the very wealthy would add an additional $50 billion to the deficit in 2013 alone.
Raising taxes on 25 million lower- and middle-income Americans: GOP plan would hike taxes by average $1,000 on 25 million working families by reducing eligibility for Earned Income Tax Credit and Child Tax Credit and ending the American Opportunity Tax Credit. Source: National Economic Council.
Radical Rewrite of Tax Code Forced through Fast Track Process
The process outlined by Republicans would railroad through Congress a radical rewrite of the tax code that would lead to huge additional tax cuts for the very wealthy and hundreds of thousands of jobs being shipped overseas.
Doubling down on Bush tax cuts for the wealthy, hiking taxes on middle class:The average millionaire would lock in an annual $331,000 tax cut under the Republican "tax reform" fast track plan, while those earning less than $200,000 would see their taxes rise by $4,500. The plan would reduce rates to 25 percent and 10 percent and require eliminating or vastly curtailing tax provisions that widely benefit the middle class, such as the mortgage interest deduction, health care exclusion and education credits. Source: Joint Economic Committee.
Encouraging companies to send jobs overseas:800,000 jobs would be added overseas as a result of shifting to a territorial system that eliminates taxes on companies' foreign earnings. Source: Tax Notes.
Repealing provisions that encourage investment, hiring and innovation in the United States and still not achieve a 25% corporate tax rate:Republican plan would require eliminating every corporate deduction, including credits and deductions vital to encouraging domestic job creation, and more, raising questions about whether they will ask individuals or small businesses to make up the difference. Source: Joint Committee on Taxation.