Bill Extends Tax Cuts to 97% of Small Businesses and American Families

Washington, DC – Today, Congressman Joe Baca (D-Rialto) joined a majority in the House of Representatives in voting to extend middle-class tax cuts that will spur economic growth in America and provide 97% of American families and small businesses with tax relief over the next ten years.  The Middle-Class Tax Relief Act passed the House by a bipartisan 234 – 188 vote.    

“History shows us that tax cuts for the wealthiest few Americans do not strengthen the economy and do not create jobs,” said Rep. Baca.  “I am pleased to support this responsible tax cut bill, which permanently extends the 2001/2003 tax cuts for all families making less than $250,000 a year.  This extension will save approximately $1,000 per year for the typical middle-class family, spur continued economic growth, and help the vast majority of Americans struggling through a tough economy.”

The Middle-Class Tax Relief Act permanently extends the 2001/2003 tax cuts for all families making less than $250,000 a year, including: current tax rates, marriage penalty relief, capital gains and dividends rates, and the $1,000 child tax credit.  The legislation 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 provisions.

“While Republicans renew their calls for permanents tax cuts for millionaires and billionaires, they continue to leave 2 million struggling Americans out in the cold this Holiday Season with their refusal to extend unemployment benefits,” added Rep. Baca.  “In these tough times, millionaires should be giving to charity, not getting charity from the government.”

“Republicans must stop holding the well-being of American families hostage in favor of giving added breaks to the wealthiest few,” concluded Rep. Baca.  “I urge the Senate and the President to move forward on this responsible legislation, and sign this vital tax relief into law.”