WASHINGTON - Ways and Means Committee Democrats on Monday will join with House Democratic leaders in introducing legislation to extend the Bush tax cuts for middle class families, an identical measure to the one that passed the Senate yesterday. The bill would extend the tax cuts for households with incomes up to $250,000. The Senate on Wednesday approved the measure, 51-48, putting the onus on House Republicans to quickly act so that middle-income families can rest assured that their tax cuts will be extended next year. Ways and Means Democrats on Monday also intend to introduce legislation to reinstate the 2009 Estate Tax provisions (top rate of 45%, $3.5 million exemption) providing responsible estate tax relief and ensuring 99.7 percent of decedents will face no estate tax liability. The Republican bill spends approximately $9 billion more to provide a complete exemption from the estate tax for just 3,600 additional decedents.
“The Senate’s action this week shows that the middle class tax cut extension could be sent to the president immediately were House Republicans willing to put middle class families first and pass the measure," said Ways and Means Committee Ranking Member Sander Levin. “Republicans have a choice: join with Democrats in passing middle class tax cuts now or hold up an extension of middle class tax cuts simply to benefit the very wealthy. There will be no one to blame but House Republicans if they leave here next week with the outcome still unclear for middle class families."
