Today Congresswoman Marcia L. Fudge (OH-11) announced she will vote against H. J. Res 66, legislation advanced by House Speaker Boehner (known as "Plan B") to address the fiscal cliff, a combination of expiring tax cuts and automatic spending cuts in federal programs. The Congresswoman denounces the measure as a disappointing setback for American families, seniors, the unemployed, and the nation as a whole.
"The American people expect action. Unfortunately, bringing Plan B to a vote wasted precious time because this legislation fails miserably in presenting a balanced approach that increases revenues, addresses spending, and spurs economic growth and employment" said Congresswoman Fudge.
"Without middle class tax relief and an extension of programs that protect the real needs of our working families, the unemployed, and seniors, we run the risk of unraveling recent economic progress and plunging our nation back into recession. That's no way to ring in the New Year. Americans deserve better."
Plan B does little to curb the deficit while imposing hardships on millions of Americans. It:
· Raises taxes on 25 million working families with children and students by an average of $1,000 through reductions to the Child Tax Credit, the Earned Income Tax Credit and expiration of the American Opportunity Tax credit;
· Fails to extend emergency federal unemployment insurance benefits for 2 million workers searching for jobs;
· Provides an average tax cut of $50,000 for households with incomes over $1 million, (.03% of all households);
· Raises only about $300 billion from high-income households, less than one-third of the amount in the most recent Republican offer;
· Fails to continue critical tax incentives for business, such as the Research & Development credit, energy incentives and temporary measures like bonus depreciation; and
· Continues to expose our nation to the threat of default by failing to address the impending debt ceiling.