Democrats lower taxes for small businesses and middle class as GOP works to extend tax cuts for rich
The Democratic-led 111th Congress has enacted over $800 billion in tax cuts to help working families who are struggling to make ends meet. Through extensive tax credits and job-creating incentives, Democrats are spurring job creation and ensuring that we can compete in the global economy of the future. Because of these initiatives, tax refunds are already up 10 percent, pushing the average refund up to a record $3,000 per taxpayer.
While Democrats are working to reduce taxes for the middle class, Republicans continue their traditional support for cutting the taxes of the ultra-rich.
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.
New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.
Take a look at this tax cut breakdown from the Wall Street Journal, demonstrating how our tax cuts will help the middle class, a far contrast from the Republican’s focus on helping those making over a million dollars per year.