Today, House Democrats led the charge to pass tax cuts for 97 percent of families and small businesses – saving a ‘typical’ middle-class family roughly $1,000 a year. This legislation now is headed to the Senate, which must act before tax relief for middle-class families expires at the end of the year.
The Middle Class Tax Relief Act of 2010 cuts taxes for “all families making less than $250,000 a year,” and:
The bill permanently extends the 2001/2003 tax cuts, including current tax rates, marriage penalty relief (including EITC), capital gains and dividends rates, and $1,000 child tax credit (for earnings above $3,000). The bill also protects more than 25 million taxpayers from the alternative minimum tax by extending the AMT patch through 2011 and permanently extends small business expensing.
Today's vote passed by a count of 234-188. Congressional Republicans have refused to vote for middle-class tax cuts unless Democrats agree to a permanent extension of the Bush tax cuts for millionaires and billionaires.