Washington, D.C. - Congressman Dave Loebsack released the following statement today after introducing the Middle Class and Small Business Tax Relief Act of 2012.
"I am fighting for commonsense, fiscally responsible tax cuts for middle and low income families, small businesses, and family farms. That's why I've introduced an initiative to allow them to keep their tax cut. Growing up, my family wouldn't have been able to afford to put food on the table if taxes on working families went up. I stand ready to work with anyone who will support commonsense compromise to get these tax cuts done.
"Washington is broken, and today is just more evidence of that. There are too many people in Congress interested only in political ideology rather than actually helping Iowa families. Last year the economy was taken to the brink by a group in Washington that is more concerned about rigid ideology than people's jobs. That is simply not me. I am not willing to do that to Iowa families. Washington needs to learn how to compromise. I have introduced commonsense legislation and am willing to work with anyone who is interested in putting the middle class, small businesses, and family farms ahead of politics. I always have and always will fight for Iowans."
Loebsack's Middle Class and Small Business Tax Relief Act of 2012 extends tax cuts for married joint filers making up to $250,000 and individual filers making up to $200,000. Additionally, the bill:
- Includes an exemption for small business and family farm income;
- Extends for one-year the American Opportunity Tax Credit, the Child Tax Credit, the Earned Income Tax Credit, and current capital gains and dividend rates;
- Includes a one-year patch for the Alternative Minimum Tax;
- Extends for one year the current Estate Tax rates.
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