Tax Relief/Small Business
Mr. Speaker, I rise today in opposition to the false argument by the Democrats that the tax relief this Republican Congress has provided the American people during the last 5 years isn't helpful. Democrats are vowing to repeal these tax…
Mr. Speaker, I rise today in opposition to the false argument by the Democrats that the tax relief this Republican Congress has provided the American people during the last 5 years isn't helpful.
Democrats are vowing to repeal these tax cuts and are running around with a terribly false sound bite that tax cuts are for the rich.
So I ask them: Do only rich people have children? Because we increased the tax credit to $1,000 per child for every American family.
So I ask them: Do only rich people get married? Because we fixed a major flaw that punished every American married couple by charging them higher taxes for filing jointly.
And I ask them: Do rich people have a family income of $14,000 a year? Because it was for them that we created an income range, a new 10 percent tax bracket to specifically cut their tax rates. It cuts taxes for 6.1 million low-income taxpayers in New York alone.
Finally, I ask them: Are you labeling every small business owner in America as rich? Because we on the Small Business Committee worked very hard to ensure the majority of these tax cuts specifically helps small businesses.
When I walk down the main streets of Hudson Valley and visit the small businesses, the owners tell me they are certainly not rich. They tell me they need tax cuts to pay their workers, to serve their customers, and create new jobs.
Mr. Speaker, the truth is in the numbers. The Treasury Department shows that a family of four, making $50,000 a year, would experience a 132 percent tax increase in 2011 if Congress repealed these tax cuts.
Let's remain a Congress that votes in favor of the taxpayer.
