Senator Jay Rockefeller today highlighted how the fiscal cliff deal Congress passed will cut taxes for 99.7 percent of West Virginians and continue many specific tax credits to spur business growth and economic investment, and to help thousands of West Virginians keep more money in their pockets.
The fiscal cliff deal includes important tax cuts for low and middle income families to reduce the burden on them, while insisting that the wealthy finally pay their fair share. Because of this bill, only individuals who make over $400,000 or families that make over $450,000 will see tax rates return to Clinton-era levels.
"West Virginia families work hard, but many still struggle to get by," said Rockefeller. "Our economy has begun to recover, but we still have further to go, and many West Virginians have yet to feel any improvements. This bill makes sure hundreds of thousands of West Virginians continue to get much of the help they received before -- by extending tax cuts for middle class families, while also continuing tax credits that are proven lifelines for so many West Virginians.
"If Congress had failed to pass this bill, tax credits that help low and middle income West Virginia families pay their bills and afford college would have disappeared. I refused to let that happen, despite warped efforts by House Republicans to place more of the burden on those already hurting. Instead, this bill takes solid steps toward narrowing the income divide between the very wealthy and those who work but struggle every day, especially in a tough economy. From the beginning, I made clear that I would work to protect crucial safety nets for so many West Virginians, and this bill does that.
"I realize that reports on the bill have been confusing. For example, one of the items not included in this deal is an extension of the payroll tax cut, which I believe should have continued temporarily in a way that still protected Social Security. But, even without the payroll tax cut, the facts are very clear -- this bill significantly benefits West Virginians and the net total puts more money in West Virginians' pockets."