Congresswoman Wilson on Tax Fairness for the American People
This week, I voted to extend tax cuts for 98 percent of American families and 97 percent of small businesses, while requiring the richest two percent to start paying their fair share.
The bill I voted on is the exact same one that President Obama supports and the Senate passed last week. Unfortunately, my House Republican colleagues voted against this. We cannot afford to keep giving these tax cuts to the richest two percent and big corporations. We need to invest in education and infrastructure.
The way to create jobs is to put more money in the pockets of the people who will spend it. We create jobs when people can afford to buy that home appliance, to get their car repaired, to buy their children new back-to-school clothes and to go out to dinner one more night a week. We don’t create jobs by giving millionaires and billionaires another $160,000 that they don’t need and did not ask for.
I believe we must continue the American Opportunity Tax Credit for college, the Child Tax Credit and the Earned Income Tax Credit (EITC). Without these provisions, the average American family will see their taxes go up by about $1,000 per year.
Under the plan I support, small businesses would still get tax cuts on the first $250,000 of profits. That’s 97 percent of America’s small businesses. Remember, we’re talking profits, not revenues. Additionally, small businesses would be able to write off up to $250,000 on purchases of new equipment that costs up to $800,000.
For too long, big corporations like GE and the big oil companies have been getting billions in special tax breaks.
For too long, the deck has been stacked in favor of millionaires and billionaires, while working people and families get stuck with the tab.
It’s time to do the right thing – to help working people and families while making the richest two percent pay their fair share. This is what I will continue to work on in Congress as our budget negotiations continue.
Frederica S. Wilson
Congresswoman, 17th District of Florida