Jay Rockefeller: “today the Senate is taking important action to protect working Americans from a tax increase at the end of the year. I…”

“today the Senate is taking important action to protect working Americans from a tax increase at the end of the year. I am pleased to join my colleagues in voting for this bill and supporting middle class families. Of all the tax cuts enacted in recent years, these are the tax cuts that are most valuable and important for working families in West Virginia. These tax cuts should never have been set to expire at the end of the year, and I am relieved that we are putting to rest any worries about taxes increasing next year. The Working Families Tax Relief Act extends three critical tax cuts that Congress enacted last year. First, it will keep the child tax credit at $1,000. Second, this bill maintains the expanded 10 percent tax bracket, covering just over $7,000 in income for individuals or $14,000 for married couples. And third, it will provide marriage penalty relief. These provisions provide a benefit to virtually every American who pays income tax, and I have always believed that they ought to be the cornerstone of our tax relief efforts. I objected last year when Congress passed tax relief that provided middle class tax cuts for only 2 years while providing $150 billion worth of tax cuts for dividends and capital gains over four years. I opposed last year's bill, because tax relief for families was shortchanged to provide more benefits to wealthy investors.”