Lipinski Votes for Middle Class Tax Relief, Calls for Temporary Extension of Tax Cuts for All Americans
Today, Congressman Dan Lipinski (IL-03) voted for the Middle Class Tax Relief Act, H.R. 4853, to extend tax cuts that will help middle-class families and promote economic growth at a critical juncture in the nation’s recovery from recession. The bill passed the House of Representatives by a vote of 234 to 188.
“After all the egregious taxpayer-funded bailouts for Wall Street banks and others, we should not raise taxes on hard-working Americans who have been especially hard hit by this recession,” Congressman Lipinski said. “Unemployment is high, small businesses continue to struggle, and the middle class is under tremendous financial pressure. Extending these tax cuts, which otherwise would expire Dec. 31, will allow Third District residents to keep more of their hard-earned money and help them continue to power a recovery that is underway but is not moving nearly fast enough.
“At the same time, I do not believe that increasing taxes on anyone is appropriate at this moment given the fragile economy. Raising taxes now could reduce private-sector spending and investment, putting the brakes on growth at a time when we cannot afford to do anything that could slow job creation. As I have said previously, my preference would be to temporarily extend the tax cuts for all income brackets. This would allow the recovery to continue while enabling Congress to revisit the issue in light of concerns about our national debt. Prior to the final vote on H.R. 4853, I voted against the rule that made it impossible to amend the bill to provide for a temporary extension of the tax cuts for all Americans.”
H.R. 4853 extends the tax cuts on income under $200,000 for individuals and under $250,000 for married couples. It also extends the child tax credit, marriage penalty relief, and capital gains and dividend tax cuts, and prevents more than 25 million taxpayers from being hurt by the alternative minimum tax through 2011. The bill would save a typical middle-class family $1,000 annually.
“There has been plenty of partisan posturing over the extension of the 2001 and 2003 tax cuts, and I’ve heard more than a few misleading claims about what today’s vote does and doesn’t do,” Congressman Lipinski said. “But the reality is simple: this bill would prevent a tax increase on the middle class. For that reason, I voted for it. However, it is almost certain that this bill will not pass the Senate, and bipartisan negotiations are currently underway at the behest of the White House. I support these negotiations, and strongly believe that instead of trying to score political points, the two parties should be working together to find common ground. I expect that in the end we will be called to vote on a temporary extension of the tax cuts for all households. I look forward to supporting that legislation.”
(December 2, 2010)
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