|
 |
 |
|
Democrats Should Embrace Middle Class Tax Cuts
-
07/17/06 03:46 AM ET
Today, we are simply failing to enact solutions to some of the most daunting challenges facing the middle class and those striving to get there. Subsidizing college tuition, creating a fair national health care program and a plan for energy efficiency all are ideas that my Republican friends who control Washington are failing to act on.
While declining incomes and skyrocketing costs squeeze the middle class, the tax policies of the recent years have saddled America and New York with an increasingly regressive tax code that has contributed to a even wider gap between the rich and poor. Since President Bush took office, the average millionaire has received $111,549 in annual tax cuts - over two and a half times what the average middle class family makes in one year.
It's time we changed this. It's time we gave the middle class a real tax cut. It's time we restored progressivity and fairness. It's time we created a zero tax bracket for those struggling to make it. And it's time we gave parents a bigger break as they raise their kids.
On Thursday, I introduced H.R. 5807, which gives middle class families earning less than $150,000 per year a 10% tax cut, paid for with a 7% surcharge on incomes over $1 million and a 10% surcharge on incomes over $1 billion. The plan restores progressivity to the nation's tax code, easing the tax burden on over 2.7 million middle class families in New York City, and millions more across the nation.
While declining incomes and skyrocketing costs squeeze the middle class, the tax policies of the recent years have saddled America and New York with an increasingly regressive tax code that has contributed to a even wider gap between the rich and poor. Since President Bush took office, the average millionaire has received $111,549 in annual tax cuts - over two and a half times what the average middle class family makes in one year.
It's time we changed this. It's time we gave the middle class a real tax cut. It's time we restored progressivity and fairness. It's time we created a zero tax bracket for those struggling to make it. And it's time we gave parents a bigger break as they raise their kids.
On Thursday, I introduced H.R. 5807, which gives middle class families earning less than $150,000 per year a 10% tax cut, paid for with a 7% surcharge on incomes over $1 million and a 10% surcharge on incomes over $1 billion. The plan restores progressivity to the nation's tax code, easing the tax burden on over 2.7 million middle class families in New York City, and millions more across the nation.
Most Viewed RSS Feed »
