Every working Iowan will benefit from payroll tax cut extension
Washington, DC - Rep. Bruce Braley (IA-01) today released the following statement after crossing party lines to support a Republican bill that would extend a payroll tax cut for the middle class for an additional year:
"Unless Congress acts, the average Iowa family could see their taxes go up by $1,000 on January 1st," Braley said. "Extending the middle class tax cut and keeping money in the pockets of hard-working families is a sure-fire way to fuel economic growth.
"People in this country are desperate for leadership and they don't care about labels, they care about results. To me, extending tax cuts for middle class families is more important than Washington politics. This bill isn't about Republicans or Democrats- it's about strengthening our economy and stopping a tax increase from hurting middle class families in the middle of a recession.
"I'm not crazy about many of the extra provisions contained in this bill. In fact, I have serious reservations about the adjustments it makes to public health funding, unemployment insurance, and Medicare reimbursements. But Iowa's middle class families can't afford inaction from Congress on extending these tax cuts."
The legislation would extend for an additional year a 2 percent Social Security payroll tax holiday that was first passed at the end of 2010. An average American family making $50,000 per year would save $1,000 with the extension of the tax cut.
The legislation also extends unemployment insurance for out-of-work Americans for 13 months, through January 31st, 2013.
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