Middle Class Tax Cuts Act

July 25, 2012 | S. 3412

This Democratic legislation would extend tax cuts on income under $250,000 for joint filers ($200,000 for individuals) or about 98% of taxpayers as well as 97% of small business owners. It would end the Bush tax breaks for the richest 2 percent and save the federal government nearly $1 trillion over the next 10 years; revenue that could be invested in jobs, infrastructure improvements, education, and protecting programs like Medicare and Medicaid, as well as reducing the deficit. The middle class tax cut was passed.