On the recordAugust 1, 2012
Now is the time for Congress to stand up for middle class families. I urge my Republican colleagues to abandon their plans to hold middle class tax cuts hostage to their demands for another tax cut for millionaires and billionaires and to pass a balanced tax plan, such as that contained in H.R. 15 that extends tax cuts for 98 percent of all Americans and 97 percent of small businesses. If Congress fails to act, an estimated 400,000 families in Rhode Island could face an average tax increase of $1,600. The Republican tax proposal will end the expanded earned income tax credit and expanded child tax credit and eliminate the American opportunity tax credit. In my State of Rhode Island, it's estimated that more than 100,000 families would lose an average of $1,000 in 2013 if the child tax credit expansion is allowed to expire. The Republicans' misguided plan would protect tax cuts for the wealthiest, while effectively raising taxes on 25 million lower- and middle-income Americans. I urge my colleagues to support a balanced plan that protects the middle class, strengthens our small businesses, and strengthens our economy. ____________________
