New Report by National Economic Council Shows Extending Middle Class Tax Cuts Will Prevent Hardworking Kansas Families From Taking Serious Economic Hit
TOPEKA – Jason Perkey, executive director of the Kansas Democratic Party, released the following statement today on state-by-state reports issued by the National Economic Council of the White House, which show the direct impact that failing to extend the middle-class tax cuts will have on hardworking Kansas families:
“Today’s report by the National Economic Council is a critical reminder of what’s on the line for Kansas families if Congress fails to extend tax cuts for the middle class. According to the report, inaction by Congressional Republicans like Rep. Kevin Yoder will result in one million middle-class Kansas families seeing their federal income taxes increase – along with 98 percent of American families and 97 percent of all small businesses.
“More specifically, a typical median-income family of four in Kansas could see their taxes go up by $2,200. Families receiving a reduced Child Tax Credit and 331,000 low- and moderate-income working families with children will lose access to the Child Tax Credit altogether, costing them an average of $1,000 per year. 93,000 middle-class families across the state will no longer get the support they need to pay for college through the American Opportunity Tax Credit, and Kansas small businesses would only be able to claim immediate tax deductions for $25,000 – as opposed to $250,000 – of new investments.
“As the President has emphasized, this is not just about avoiding the looming fiscal cliff – it’s about laying the foundation for the long-term economic growth of the middle class and reducing the deficit in a balanced, responsible way. While President Obama remains committed to working with both parties to reach a compromise that moves our country forward, there is simply no reason to hold the economic security of Kansas families hostage while we debate tax cuts for the wealthiest few. It’s time for Republicans in Congress like Rep. Lynn Jenkins to show leadership by coming to the table and helping extend the middle-class tax cuts without further delay.”
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