http://www.sanders.senate.gov/newsroom/news/?id=E4A2C353-02E6-45C4-99DB-FD5A22016F58
Senate Votes to End Tax Breaks for Rich
July 25, 2012
The Senate on Wednesday voted 51 to 48 to extend tax cuts for most working Americans and end Bush-era tax breaks in 2013 for individuals making more than $200,000 a year and couples earning at least $250,000. "With a $16 trillion national debt and a $1 trillion deficit, we cannot continue to give tax breaks to millionaires and billionaires," Sen. Bernie Sanders said after the vote. "This is a step forward in ending the Bush-era tax breaks for the rich and asking the wealthiest Americans, who are doing phenomenally well, to do their fair share to bring down deficits. I hope our Republican friends in the House can overcome their support for tax breaks for the wealthy and support this common-sense approach to cutting deficits."
The proposal tax cuts that the Senate are worth $1,600 to the average family.
The bill also extends other tax provisions critical to the middle class - the American Opportunity Tax Credit, the expanded Child Tax Credit and Earned Income Tax Credit - that help families afford college, cover their bills and provide for their children.
The American Opportunity Tax Credit helps middle-class families afford college by covering up to $2,500 of the cost of tuition.
The Child Tax Credit provides hard-working families with $1,000 worth of tax relief for each child under age 17.
The Earned Income Tax Credit is a refundable credit that offers assistance to working individuals and families who earned less than $49,078 in 2011.
Senate Votes to End Tax Breaks for Rich
July 25, 2012
The Senate on Wednesday voted 51 to 48 to extend tax cuts for most working Americans and end Bush-era tax breaks in 2013 for individuals making more than $200,000 a year and couples earning at least $250,000. "With a $16 trillion national debt and a $1 trillion deficit, we cannot continue to give tax breaks to millionaires and billionaires," Sen. Bernie Sanders said after the vote. "This is a step forward in ending the Bush-era tax breaks for the rich and asking the wealthiest Americans, who are doing phenomenally well, to do their fair share to bring down deficits. I hope our Republican friends in the House can overcome their support for tax breaks for the wealthy and support this common-sense approach to cutting deficits."
The proposal tax cuts that the Senate are worth $1,600 to the average family.
The bill also extends other tax provisions critical to the middle class - the American Opportunity Tax Credit, the expanded Child Tax Credit and Earned Income Tax Credit - that help families afford college, cover their bills and provide for their children.
The American Opportunity Tax Credit helps middle-class families afford college by covering up to $2,500 of the cost of tuition.
The Child Tax Credit provides hard-working families with $1,000 worth of tax relief for each child under age 17.
The Earned Income Tax Credit is a refundable credit that offers assistance to working individuals and families who earned less than $49,078 in 2011.