Congressman John Tierney announced today that he will oppose a Republican proposal to pass tax cuts for the top 2 percent that would add nearly $1 trillion to the deficit over 10 years. Additionally, he called on House Republican leadership to pass an alternative bill (H.R. 15) to extend tax cuts for middle class Americans, an identical measure to the one that passed the Senate last week.
"Speaker Boehner should stop catering to the extreme right wing of his party and pass the common sense, compromise bill that the Senate approved last week. That proposal would extend tax cuts for all taxpayers on the first $250,000 of their income, regardless of overall wealth, while not extending additional special tax cuts for income exceeding that threshold. Rather than once again getting caught up in political games, let's pass a bill that both sides agree on and that provides all families tax relief," Congressman Tierney said.
If House Republicans keep refusing to pass the middle class tax cut extension that passed the Senate, a typical middle class family of four could see taxes rise by $2,200 on January 1, 2013. This unfair tax hike would affect 114 million Americans, including 2.5 million Massachusetts residents.
The Republican bill will have real consequences for Massachusetts families. Tax cuts for the wealthiest 2 percent, which Republicans are pushing in their bill, would add nearly $1 trillion to the deficit over 10 years. The Republican plan also raises taxes on 25 million families by an average of $1,000 per year by ending critical tax credits for parents raising children, and driving some working families back into poverty, and for families trying to pay for college.
The Senate has already rejected the Republican plan. The President will not sign it, and the proposal will never become law.
"House Republicans should put politics aside and pass the Senate bill to provide all Americans with a tax cut. Choosing not to move this bill so they can try to secure extra tax breaks for the top two percent is irresponsible and unacceptable," Tierney concluded.