Priorities: GOP Holding Hostage Tax Cuts for 98% of Americans to Give Nation’s Wealthiest 2% Another Tax Cut

For Immediate Release:

July 17, 2012

As our nation’s economy continues to recover, we must give middle class families economic certainty and make sure their tax rates will not increase.  Democrats’ proposal would extend the middle class tax cuts so that 98% of Americans and 97% of small businesses will continue to receive the full tax cut they have now, providing them with the financial certainty they need to expand and hire.  Instead, Republicans are holding tax cuts for the majority of Americans hostage in order to ensure that taxes don’t go up for the wealthiest 2% in our country.  For the sake of hard-working families across the country, both parties should work together to extend tax cuts for middle class Americans, a policy both Democrats and Republicans support.

 The facts about Democrats’ proposal to extend middle class tax cuts:

  • The 98% of Americans who make less than $250,000 would see an extension of all of their tax cuts – and 100% of Americans will get a tax break on their first $250,000 of income
  • 97% of small businesses would see an extension of all of their tax cuts
  • 82% of Americans think it is important for Congress to reach agreement on extending Bush-era tax cuts just for families earning less than $250,000 [National Journal, 7/9]

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