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Senator Supports Tax Cuts for Middle Class Families, Businesses

Press Release

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In an effort to continue to support middle class Alaska families and small businesses, Sen. Begich voted in favor of the Middle Class Tax Cut Act of 2012. The bill, which extends the Bush-era tax cuts for one year on income up to $200,000 for individuals and $250,000 for families, passed by a 51 to 48 vote. "I can't remember when we faced a simpler question," Begich said after the vote. "Should we ask the richest 2 percent to just pay their fair share, carry their own weight, while extending tax relief for 98 percent of Alaskans and all Americans and 97 percent of businesses? I think the answer is easily yes." The legislation also extends other tax cuts targeted at middle class families including the American Opportunity Tax Credit, the expanded Child Tax Credit, and the expanded Earned Income Tax Credit. It also extends an Alaska-specific provision. It extends tax relief for one year to Alaska Native settlement trusts, effectively allowing lower tax rates on trusts for corporations and shareholders.

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