Middle Class Tax Fairness Act

MIDDLE CLASS TAX FAIRNESS ACT -- (House of Representatives - July 24, 2008)

Mr. WALZ of Minnesota. Madam Speaker, the gentleman on our side of the aisle who just spoke from Illinois laid out the exact situation that's happening in our economy. That's why today I'm proud to introduce the Middle Class Tax Fairness Act, which will allow the average taxpayer to keep more of their hard-earned dollars.

In this slow economy, it's unfair to put the load of taxation right on the backs of the middle class. Middle class Americans are being squeezed by high gas prices, high cost of groceries, high health care costs, high tuition costs, and their paychecks, as you heard, are not keeping up with the rising costs. And in fact, the speaker was right; they're actually $1,000 less than they were 5 years ago.

Meanwhile, our tax code is full of government waste and unnecessary giveaways to the richest 1 percent.

Today, I am introducing legislation that will restore balance to our tax code and do something unusual: help reduce the national debt. My bill will be a jump-start to this slumping economy. It will double the standard deduction for the next 2 years, providing an annual savings of $750 to 61 million Americans. It will expand access to the child tax credit and provide relief on property tax.

My legislation allows the middle class to keep their income and does so in a fiscally responsible manner, by fully being paid for.

Madam Speaker, it is easy to offer a tax cut. It's harder to pay for it. Join me.

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