Congressman Sires supported the passage of the American Taxpayer Relief Act, H.R. 8, to make tax cuts for the middle class permanent. In addition to keeping income taxes low for the middle class, this bill also makes investments in education, clean energy, and manufacturing that create jobs and strengthen.
"While the process involved in this legislation was not perfect, it is imperative that Congress came together to provide tax relief for a majority of Americans. This bill not only permanently extends the middle-class tax cuts, but it extends credits for working families to help provide economic certainty during these difficult times," stated Congress Sires.
Specifically, families with income under $450,000 and individuals with $400,000 will not see an increase in their tax rates in 2013. Additionally, the bill extends the expansions of the Child Tax Credit, Earned Income Tax Credit, and the American Opportunity Tax Credit, which helps families pay for college. The agreement also prevents two million people from losing their UI benefits by extending emergency unemployment insurance benefits for one year. Furthermore, the legislation protects seniors' access to their physicians by preventing a scheduled reduction in Medicare payments to doctors.
"Not only does this agreement assist American families, but it also continues to provide tax relief to American businesses. In particular, it extends the Production Tax Credit, a key incentive for renewable energy and manufacturing to boost job creation, as well as the Research and Experimentation tax credit to help keep America globally competitive, " expressed Congressman Sires.