Joseph Knollenberg: “for months House Democrats have bantered about tax cuts for the rich. They have distorted our plan to balance the budget…”

“for months House Democrats have bantered about tax cuts for the rich. They have distorted our plan to balance the budget and increase the take-home pay of working families as a mean-spirited attempt to provide a boondoggle to wealthy Americans and corporations. Here are the facts: 74 percent of the largest tax cut in our budget, the $500 per child tax credit goes to families earning less than $75,000. This profamily tax break will remove 4.7 million families at the lowest income levels from the Federal income tax rolls. Furthermore, 70 percent of the benefits of lower capital gains taxes go to families and individuals with incomes of less than $50,000. And we must keep in mind that cutting capital gains taxes provides incentives for investment in new businesses and high paying jobs that benefit all Americans. Mr. Speaker, I do not know about you, but working parents earning between $50,000 and $75,000 a year in my district do not consider themselves rich. We must start telling the truth about the GOP tax cuts. They are good for families and the economy. Allowing families to keep more of what they earn and laying the foundation for long-term economic growth is not mean-spirited. It is exactly what the American people voted for last November.”