Should Receive Tax Cut Extension
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.
Extending middle class tax cuts is something that both parties and the American people all agree on, which is why Congress should pass that extension and see it signed into law immediately.
Polls show the majority of Americans agree an extension of middle class tax cuts will help our economy:According to a United Technologies/National Journal Congressional Connection Poll, Americans “think it is more important to extend the Bush-era tax cuts for families earning less than $250,000 a year … than extending them for all taxpayers…” [National Journal, 7/9/12] According to a Poll by Pew Research Center, “By two-to-one (44% to 22%), the public says that raising taxes on incomes above $250,000 would help the economy rather than hurt it, while 24% say this would not make a difference.” [Pew Research Center, 7/16/12]
Editorial boards agree that extending middle-class tax cuts is sound fiscal policy and would benefit all working families:“[President Obama’s plan to extend middle class tax cuts] would benefit all families, by the way, not just those making under $250,000. … And while it's not optimal policy—we'd like to see some form of grand bargain on taxes and the deficit—it's not bad policy either.” [The Economist, 7/10/12] “Senate Democrats touted their $250 billion plan as $155 billion cheaper than a competing Republican version that costs about $405 billion.” [Wall Street Journal, 7/21/12] “If Republicans were truly concerned about the state of the recovery, they would agree to extend the parts of the Bush tax cuts that both sides favor, and leave the tax cuts for the rich to be renegotiated next year. Of course, they would never do that, because that would reduce their future negotiating leverage.” [New York Magazine, 7/9/12]
And even Majority Leader Cantor agrees that middle-class families shouldn’t see their taxes go up. He recently said: “Small businesses who are struggling to make payroll and working families who have tightened their belts to meet their budgets cannot afford to be hit with a massive tax increase come January.”
Despite this agreement, Republicans continue to protect tax cuts for the wealthy at the expense of the middle class. It’s time for the GOP to abandon their partisan stance, and work with Democrats on what we can agree on so that we can give businesses and middle class families the certainty they need.
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