Tax and Appropriations

“The Senate’s passage of a tax cut extension for middle-class families and nearly every small business in America must be a signal to House Republicans that they can no longer hold middle class tax relief hostage in return for tax breaks for the wealthiest 2%.  After yesterday’s vote in the Senate, House Republicans are now the only ones standing in the way of keeping tax rates low for earnings up to $250,000 – something that should be done without delay.

“This afternoon, the Senate took a major step toward providing certainty to middle-class families and small businesses that their taxes will not go up next year.  Its passage of a bill to extend tax cuts on income at or below $250,000 will spare 98% of families and 97% of small businesses from a tax increase.  Now it is up to the House of Representatives to act.  The Republican leadership owes it to the American people to pass this bill on the Floor immediately.   

So much for that whole “read the bill” thing. Apparently Republicans didn’t even make it to page 3 of this week’s bill on regulations (remarkable, considering the text didn’t even start until the bottom of page 2).

From the bill text, which you can view here: http://www.gpo.gov/fdsys/pkg/CPRT-112HPRT75053/pdf/CPRT-112HPRT75053.pdf

“The tax legislation introduced by House Republicans today shows that their priority is protecting tax cuts for the wealthiest 2% and that they are willing to hold tax cuts for the middle class hostage unless they have their way.  The Republican bill is a far cry from what most Americans and small businesses are asking for:  an extension of rates on income below $250,000, which will cover 98% of families and 97% of small businesses. 

Without Congressional action, middle class Americans will see their taxes increase in January 2013.  Extending tax cuts for income up to $250,000 would provide much needed certainty to the 98% of American families and 97% of small businesses who make less than that amount.  Unfortunately, Republicans refuse to work with Democrats to pass an extension of middle class tax cuts so that they can give yet another tax break to the wealthiest 2% of Americans.

A look at the morning news isn’t flattering for House Republicans. Not only did their “confrontation over compromise” approach to raising the debt limit take our nation to the brink of default and result in our nation’s first credit downgrade, but it also cost American taxpayers $1.3 billion in fiscal year 2011 alone:

CNN: Cost of Debt Ceiling Fight: $1.3 billion

MESSAGE FROM THE DEMOCRATIC WHIP

This week, House Democrats continued our call to extend tax cuts for middle class families.  Extending tax cuts on income below $250,000 is a policy both parties agree on, so I hope we can work together and take action quickly to give American families confidence that their tax rates will not increase at the beginning of next year.

Lately up here on Capitol Hill, the GOP has engaged in quite a bit of revisionist history on the sequester, hoping the American people will conveniently forget that 174 House Republicans (including all of the senior leadership) voted for a measure that Politico said Senate Minority Leader Mitch McConnell was “the chief Republican architect of