On the recordDecember 4, 2010
let's start with a basic fact: the legislation we soon will vote on represents a tax cut for every single American taxpayer. From the poorest to the wealthiest, every single American taxpayer will pay less in taxes under this legislation than they will pay if we do not act. But prudently, given the concerns all of us profess about our fiscal situation, this legislation draws a line. While every taxpayer would enjoy a tax cut, that cut would only apply to income under $250,000 for families and $200,000 for individuals. This is important for two reasons. First, it focuses on the middle-class families that were struggling to get ahead even before reckless mortgage lenders and Wall Street traders drove our economy into a ditch. Second, drawing that line respects the need to address our fiscal situation. Extending the cuts for income above the $250,000 level would increase our budget deficit by $818 billion over the next 10 years.
