This week Congresswoman Gwen Moore (WI-4) voted in opposition to the Republican tax plan which would extend tax cuts to the very wealthiest Americans while raising taxes an 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. Alternatively, Rep. Moore voted for the Democratic Substitute which would extend the middle class tax cuts and prevent tax increases on working families.
"It is shameful that my Republican colleagues would seek to give huge tax breaks to the wealthiest Americans on the back of the middle class and poor of this country. And though Republicans are constantly saying that we should not increase our debt, their plan would add an addition $50 billion to the deficit in 2013 alone.
"In contrast, under the Democratic alternative 98 percent of Americans and 97 percent of small businesses will see no tax increase. It will extend for one year expiring marginal tax rates for income as well as rates on capital gains and dividends for taxable income of $200,000 or less for single filers and $250,000 or less for joint filers. It also extends various other tax provisions, including marriage penalty relief, expanded child and earned income tax credits, education tax incentives, and small business expensing all for one year, through 2013, and a patch for the Alternative Minimum Tax for 2012.
"We here in Congress are charged to work on behalf of all Americans -- particularly the least of these. The priorities of the Republican tax plan only include the wealthiest Americans while the Democratic Substitute would give middle class families certainty that their taxes will not go up next year. It's time we make those most in need a priority in order to build a strong, robust economy."