House Passes The Temporary Tax Relief Act
The House has just passed the Temporary Tax Relief Act of 2007, H.R. 3996 by a vote of 216-193, which would provide millions of middle-class families with tax cuts and help grow our economy without increasing the national debt. The Temporary Tax Relief Act will provide immediate tax relief for working families by preventing 23 million middle class families from paying higher taxes this April. The legislation also closes unfair tax loopholes that benefit Wall Street millionaires and cost middle class taxpayers billions. The Republican Party had an opportunity to offer a substitute, but declined to do so, having decried the PAYGO rules instituted during this Congress which would have prevented new deficit spending.
The bill passed without a single Republican vote, and Republicans declined to offer any alternative.
From Democratic Whip James Clyburn:
The House just approved legislation to prevent 23 million middle class families from being hit by the AMT. The legislation also provides tax relief to homeowners, school teachers and parents with children in college and keeps businesses competitive by ensuring that American entrepreneurs are able to engage in cutting edge research and development. What’s remarkable about this legislation is that it is budget-neutral—it doesn’t add to the deficit or impose an undue burden on future generations.
When so-called fiscally responsible Republicans had a chance to offer an alternative that does the same—protects 23 million American families from the AMT and doesn’t add to the deficit, this is what they had to offer: click here
From Democratic Leader Steny Hoyer:
Borrow-and-spend Republicans made clear during consideration of Middle-Class Tax Relief legislation considered on the House Floor today that their claims of being fiscally responsible are empty promises. When given the opportunity to put forward a substantive proposal that would show how they would provide fiscally responsible middle-class tax relief, Republicans came up with nothing.
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November 9th, 2007 at 6:28 pm
[...] post by nytexan This was written by . Posted on Friday, November 9, 2007, at 5:07 pm. Filed under Politics. [...]
November 9th, 2007 at 8:55 pm
Irony at its finest. Let’s see where those middle class votes go in ‘08, shall we?
By the way, NyTexan, linked to this post because we’re having a related, heated debate over at OpEdna. Would love for you to be a part of it!!!