Coalition Praises Senate for Passing Bill to End Bush Tax Cuts for Top 2%

Blast Failed GOP Alternative Bill That Would Raise Taxes on 25 Million Families

WASHINGTON, July 25, 2012 /PRNewswire-USNewswire/ -- Americans for Tax Fairness praised Senate Democrats for passing a bill to extend the Bush-era tax cuts for 98 percent of Americans who make less than $250,000 in household income and end the Bush tax breaks above that income level, which disproportionately benefit the richest 2 percent.  The Senate voted to pass the bill, the Middle Class Tax Cuts Act (S. 3412), by a 51 to 48 vote.

"Senate Democrats took a giant step today to start restoring fairness in our tax system that every American knows is rigged in favor of the wealthy few," said Frank Clemente, campaign manager for Americans for Tax Fairness. "There is no better example of how unfair our tax system is than the Bush tax cuts for the richest 2 percent.  They give someone who makes more than $1 million a year an average tax break of about $150,000 more than the Middle Class Tax Cut Act does. Tax cuts should not go to those who need them the least."

Americans for Tax Fairness blasted the GOP alternative bill (S. 3413), which the Senate rejected by a 54 to 45 vote.  It would have extended all the Bush tax cuts, but would have raised taxes on 25 million middle- and lower-income Americans by ending a tax credit that helps make college affordable (the American Opportunity Tax Credit), the Child Tax Credit and the Earned Income Tax Credit, according to the Joint Committee on Taxation.  Yet, 44 of 47 GOP members voted for the GOP alternative bill.

"This vote proves that Grover Norquist's anti-tax pledge, signed by 41 GOP senators and 238 House members, is a fraud to protect the rich. Pledge signers promise they will never vote to make the wealthy pay a penny more in taxes, but they're willing to raise taxes on 25 million lower- and middle-income Americans who can't afford it," said Frank Clemente, campaign manager for Americans for Tax Fairness. "It's mind-boggling that these senators would vote to raise taxes on 25 million middle- and lower-income taxpayers to help pay for huge tax cuts for wealthy people who already enjoy the biggest tax breaks."

Americans for Tax Fairness (ATF) is a diverse campaign of 140 national, state and local organizations united in support of a tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This starts by ending the Bush-era tax cuts for the richest 2 percent and by making critical investments that create and sustain jobs while taking a balanced approach to addressing America's fiscal challenges.

SOURCE Americans for Tax Fairness