08
Oct
2012
Braley's working to cut middle class taxes; Lange plan could raise taxes on middle class
WATERLOO, IA -- The Braley for Congress campaign released a new television ad today contrasting Braley's record supporting middle class tax cuts with Ben Lange's proposed "two-tier" tax plan, which would threaten middle class families with a tax increase while millionaires pay less.
Lange wants to limit the number of federal income tax brackets to two: anyone making over $125,000 per year would pay 25 percent, and anyone making under that amount would pay 10 percent. [Scott County Candidates Event, 9/28/2010; www.langeforcongress.com]
Unless Lange is willing to radically increase the federal budget deficit, his plan would endanger popular middle class tax breaks like the home mortgage interest deduction and tax credits for college and child care expenses.
In fact, the independent Tax Policy Center has warned against plans like Lange's, saying "...it is not mathematically possible to design a revenue-neutral plan that preserves current incentives for savings and investment and that does not result in a net tax cut for high-income taxpayers and a net tax increase for lower- and/or middle-income taxpayers..." [Tax Policy Center, 8/1/12]
"Ben Lange's risky tax plan could bring the tax man to the door of thousands of middle class families while giving millionaires a huge tax cut," said Jeff Giertz, Braley for Congress campaign manager. "The middle class is already struggling. But Ben Lange would threaten tax breaks on college tuition, home mortgages, and child care. Iowa families can hardly afford to pay for a new tax cut for the rich.
"Bruce Braley is working to cut taxes for small businesses and the middle class. He passed a small business tax credit that put 100,000 Iowans back to work, and introduced legislation to cut taxes for 99 percent of Iowans."
Braley's ad can be viewed at the following link: http://youtu.be/CIi-5mnqlko
