Early this morning the U.S. Senate passed bipartisan legislation by a vote of 89 to 8 protecting 98% of Americans from "fiscal cliff" tax increases while allowing tax rates to rise on millionaires and billionaires. Tonight, the U.S. House will vote on same legislation, the "American Taxpayers Relief Act of 2012." Congresswoman Betty McCollum will vote in favor of the bipartisan agreement to protect middle class taxpayers. She issued the following statement:
"Tonight I am voting to pass a bipartisan compromise that protects middle class taxpayers from a tax increase and at the same time keeps a promise to preserve Medicare, Medicaid, and Social Security. With this agreement, Republicans and Democrats are voting to increase tax rates on the wealthiest 2% of Americans, raising $620 billion in revenues to allow continued investments in education, renewable energy, and job creation."
"This bill extends help for the unemployed and much needed tax credits for students, parents, and alternative energy producers which I strongly support. Yet, in such a compromise bill there is always the excess and the unnecessary waste like millions in tax credits for NASCAR and motorsports raceways and rum producers in Puerto Rico and the Virgin Islands. These are examples of special interest waste that should be eliminated in future tax reform legislation."
"I want to applaud the work of President Obama and Vice President Biden in forging an agreement that never deviated from the principles they fought for during the past four years in the White House and on the campaign trail last year."