Jul 25 2012
13.2 million California families save average of $1,600 in taxes next year
Washington—Senator Dianne Feinstein (D-Calif.) today issued the following statement after the Senate passed the Middle Class Tax Cut Act to extend tax cuts for the 98 percent of American families making less than $250,000 per year. The legislation cleared the Senate by a vote of 51 to 48.
“Today the Senate extended critical tax relief for 98 percent of American families, an action that will help 13.2 million California families save more than $1,600 next year. This tax cut will make a difference in the lives of middle-class families trying to make ends meet in this sluggish economy.
“Our national debt now tops $15 trillion. Tax revenue is at the lowest percentage of GDP since 1950 while income inequality continues to rise. Under these circumstances, the wealthiest Americans who have done well in this economy can afford to pay more.”