Unless Congress acts by the end of the year, a median-income Ohio family could see their taxes increase by $2,200 next year. In advance of the Dec. 31 expiration of Bush-era tax cuts for all Americans, U.S. Sen. Sherrod Brown (D-OH) called on Speaker Boehner to schedule a vote on legislation that passed the Senate in July that would extend tax cuts for 99 percent of Ohio families -- all while reducing the deficit by more than $800 billion by asking millionaires and billionaires to contribute their fair share. Brown also outlined the need for a balanced approach to deficit reduction that puts us on a path to a balanced budget while protecting Social Security, Medicare, and resources that promote economic growth and job creation.
"It's critical that we prevent the economy from falling back into a recession. By extending tax cuts for all but the top one percent of Ohioans, we will ask the wealthiest to pay their fair share while still investing in critical federal efforts that create jobs and promote economic development." Brown said. "After all, the budget deficit is also a jobs challenge: there are millions of unemployed Americans who would rather be paying taxes than collecting unemployment insurance.
"We must pursue a balanced approach to reduce our deficit that builds on the $1.5 trillion in spending cuts we've already made. Most Ohioans believe that we should reduce the deficit by asking the wealthiest Americans to pay the same tax rates they did during the Clinton years, when we added $22 million jobs," Brown continued. "We must also pass legislation to prevent taxes from rising for middle class Americans. The House of Representatives should vote on the Senate-passed bill that would prevent taxes from increasing for 99 percent of Ohioans. It's time for Speaker Boehner to stop holding hostage tax cuts for 99 percent of Ohioans."
Brown is urging the U.S. House of Representatives to vote on the Middle Class Tax Cut Act, legislation to extend middle class tax cuts for the 99 percent of Ohio families making less than $250,000 per year. The legislation--which the Senate passed in July 2012-- also extends other tax provisions critical to the middle class -- the American Opportunity Tax Credit, the expanded Child Tax Credit and Earned Income Tax Credit -- that help families afford college, cover their bills, and provide for their children.
The American Opportunity Tax Credit helps middle-class families afford college by covering up to $2,500 of the cost of tuition.
The Child Tax Credit provides hard-working families with $1,000 worth of tax relief for each child under age 17.
The Earned Income Tax Credit is a refundable credit that offers assistance to working individuals and families who earned less than $49,078 in 2011.