Today, with the release of a new report on the impact of the President's Middle Class Tax Cut Plan on families here in California, Congresswoman Laura Richardson reiterated her call for the House to immediately vote on the President's plan to extend the middle income tax cuts.
According to the new White House report, income taxes are scheduled to go up for 13.2 million middle class California families on January 1, when tax cuts such as the expanded Child Tax Credit, the 10 percent tax bracket, marriage penalty relief, and the American Opportunity Tax Credit for college expire. If House Republicans don't permit action on the President's plan, already passed by the Senate, 98% percent of California families who make less than $250,000 per year will see their income taxes go up, by $2,200 for the typical middle income California family (earning $74,100) with two children.
"It's time to extend tax cuts for 98% percent of Californians," declared Congresswoman Richardson. "Californians need solutions, not political stalemates. Congressional Republicans must end uncertainty during this holiday season and stop holding middle income tax cuts for 13.2 million Californians hostage to their demand for tax cuts for the rich."
This week, Congresswoman Richardson joined 177 of her colleagues in signing a discharge petition, led by Rep. Tim Walz (D-MN), to force the House GOP Leadership to hold an up-or-down vote on the Middle Class Tax Cut Act (H.R. 15). This legislation to enact the President's plan, which has already passed the Senate, would provide everyone with a tax cut on income up to $250,000, while asking the rich to pay their fair share by allowing taxes on income over $250,000 to return to Clinton-era rates. A discharge petition requires the House to consider the legislation once a majority (218) of the Members of Congress have signed it.
"Getting middle class tax cuts that we all agree on done is a crucial step forward as we work to find a bold, balanced and fair budget agreement that will create jobs, grow the economy, and reduce the deficit. Time is running out and middle class Americans cannot afford more stalemates or delay."