On the recordJuly 24, 2012
I rise to speak about the need to extend middle-class tax cuts. We have a broad bipartisan consensus that middle-class families should not see their taxes increase on January 1. We know that if Congress does nothing, then the taxes will increase for the broad middle class on that date. We have a broad bipartisan consensus that should not happen. So while we have this moment of agreement, we should act swiftly to extend tax cuts for 98 percent of American families--about 99 percent of the people in my State--right now, today, this week, soon. But we will not because special interests and their allies in Congress are holding middle-class tax cuts hostage. Why? It is the same old song: In order to protect the interests of millionaires and billionaires. It seems the default button--certainly in the majority of the House of Representatives and far too many in the Senate--is, no matter what, protect the interests of millionaires and protect the interests of billionaires. Let's be clear. Whether it is our plan where we immediately--today, this week, as soon as possible--grant tax relief for people who are middle class, every American will get a tax cut on their first $250,000 worth of income. If someone is making $1 million a year, they still get a tax cut on their first $250,000. If someone makes $10 million a year, they still get a tax cut on their first $250,000. They are only paying roughly 4 percent on every $1 above $250,000. So we have bipartisan agreement.…





