Pete Stark: “I rise today to oppose H.R. 4275, the reckless Republican bill permanently extending the 10 percent individual income…”

“I rise today to oppose H.R. 4275, the reckless Republican bill permanently extending the 10 percent individual income tax bracket, and in support of the Democratic substitute that provides real, fiscally sound relief for middle-class families who deserve it most. Expanding and extending the 10 percent tax bracket is a great benefit to many low-income Americans. But, let's not forget that this bill also benefits the wealthy who get more of their income taxed at a lower rate as well. Low- and middle-income Americans deserve this tax break. But, the Republicans are unwilling to pay for it, leaving a $200 billion hole in lost revenue. Even worse, when this proposal is added to the other tax bills that have recently passed or are being proposed, the price tag is over $500 billion in new debt thrown on the backs of our children and grandchildren. The Republican plan is also flatly unfair to a lot of taxpayers because it refuses to spread benefits out equally. Just last week, the Republicans passed a one-year patch for the Alternative Minimum Tax (AMT) that helps the wealthy but fails to protect lower-income families while driving the country further into debt. Unfortunately, the Republicans' bill today does not apply to anyone who pays the AMT, which means a full one-third of all taxpayers cannot benefit from this tax cut at all. Some deal if you ask me.…”