Ms. EDWARDS. Mr. Speaker, I rise today to urge us to reclaim the security that middle class Americans have lost over the last decade.
Beginning in 2001, Republicans passed trillions of dollars in tax cuts, primarily benefiting the wealthiest Americans. We were told these tax cuts would unleash a torrent of job creation and economic growth. That was baloney. It failed miserably. The wealthiest Americans experienced unprecedented gains while middle class families saw their budgets shrink in tandem with rising poverty and the slowest rate of job creation in half a century.
Well, lesson learned. It's time to let the tax cuts for the wealthiest expire, but not at the expense of middle class families. It's time to extend, without delay or uncertainty, tax cuts for all families, for all income up to $250,000. If we don't, it will be a disaster, and a tax hike will result for those middle class families.
Mr. Speaker, it's unacceptable, particularly when Republicans are holding these tax cuts hostage so that wealthy Americans can continue to reap the benefits of a broken system that hasn't worked to the advantage of most Americans and has exploded our deficit. Lesson learned.
Let's not let tax cuts expire for people whose income is up to $250,000.