Russ Feingold: “this amendment cuts taxes for 7 of 10 taxpayers who take a standard deduction and ensures that many working Americans…”

“this amendment cuts taxes for 7 of 10 taxpayers who take a standard deduction and ensures that many working Americans would not owe any income taxes at all. It would increase the standard deduction for individuals by $250, and would also increase the standard deduction for heads of households. It would continue to increase the standard deduction for married couples to twice that of an individual. It is paid for by striking the provision in the bill that benefits only taxpayers in the top quarter of the income distribution by expanding tax brackets. My amendment better targets the marriage penalty relief and would simplify taxes and free many from paying income taxes altogether. The tradeoff is clear. Strike the new benefits for the best off quarter of taxpayers to fund benefits for 7 out of 10 taxpayers.”