American Taxpayer Relief Act of 2012

Aug. 1, 2012 | H.R. 8

Not only would the Republican bill extend the Bush tax cuts for the wealthiest 2 percent of taxpayers, H.R. 8 would also raise taxes on approximately 25 million middle and low income households by ending important tax credits for parents raising children and paying for college. Under this plan, the top 2 percent would get an average tax cut of $150,000 per year. The Republican proposal would eliminate programs for low income families, including the refundable tax credit for college tuition, and both the 2009 expansion of the Child Tax Credit and the Earned Income Tax Credit. The tax cut for the rich passed.