Tax Cuts: Heinrich Fights For The Middle Class
U.S. Representative Martin Heinrich (NM-1) voted today to extend and make permanent middle-class tax cuts, which were set to expire at the end of the year. The Middle Class Tax Relief Act of 2010 includes tax cuts for the 98.1% of taxpayers in New Mexico's First Congressional District, which will spur economic growth and help working families struggling through a tough economy. The legislation passed the House today by a vote of 234 to 188.
"Today I voted to provide relief for working families who can ill-afford a tax increase during difficult times," said Rep. Heinrich. "Americans are looking for leadership that is serious about creating jobs and reducing the deficit--not tax breaks for the wealthiest Americans."
This tax cut package would permanently extend the 2001 and 2003 income tax cuts for families making $250,000 or less and individuals making $200,000 or less. It also includes a two-year extension of alternative minimum tax (AMT) relief, increasing the AMT exemption amount to $72,450 for families and $47,450 for individuals, protecting approximately 25 million Americans from the AMT.
Congressional Republicans continue to call for a permanent extension of the Bush-era tax cuts for millionaires and billionaires and today voted against tax cuts for 97% of small businesses and American families.
"We can't pay down the Bush administration's debt and fund critical programs like Medicare and Social Security if we're writing checks for $700 billion to the richest Americans like Donald Trump and Tiger Woods. Anybody who's ever balanced a family checkbook can see through the Republicans' wild claims," said Rep. Heinrich.
The Middle Class Tax Relief Act of 2010 passed today in the House is an amendment to the Senate Amendment to H.R. 4853. The measure now goes back to the Senate for consideration.
Please click here for a comprehensive summary of the legislation.
Please click here for the legislative text of H.R. 6467.
Please click here for estimated revenue effects provided by the non-partisan Joint Committee on Taxation.
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