Revised Analysis Comparing Differences Between Plans to Extend Tax Cuts
To: Reporters and Editors
From: The Communications Office of Senate Finance Committee Chairman Max Baucus (D-Mont.)
Re: Revised Analysis Comparing Difference Between Plans to Extend Tax Cuts
An analysis by the Joint Committee on Taxation comparing the Democrats’ Middle Class Tax Cut Extension Act to a Republican proposal to extend all the 2001, 2003 tax cuts shows the Republican proposal costs dramatically more than the Democrats’ bill. The Republican proposal — which extends tax cuts for the wealthiest Americans — will add $155 billion more to the nation’s deficit than the Democrats’ plan.
While cutting taxes for the wealthiest Americans, the Republican proposal also raises taxes on millions of middle-class families. Unlike the Democrats’ proposal, the Republican plan fails to extend the 2009 tax cuts for middle-class families that are set to expire at the end of this year.
Cost/10 in Millions $
Middle Class 01/03 Cuts
Senate Finance Committee Chairman Max Baucus (D-Mont.) released the following statement today comparing the Senate proposals. From Chairman Baucus:
“When you cut through all the spin and do an honest, side-by-side comparison, there is no question that the Reid plan is more fiscally responsible and does a better job of protecting the middle-class. The Reid plan targets tax relief for American workers, providing them the certainty they need during these tough economic times.”
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