Cohen Votes to Support Middle Class Tax Cuts

WASHINGTON, D.C. – Congressman Steve Cohen (TN-9) today voted to extend the 2001/2003 tax cuts to middle class families and small businesses.

“I was proud to cast a historic vote to permanently extend tax cuts to 97 percent of Americans,” said Congressman Cohen. “In these tough economic times, these tax cuts will provide much needed relief for American families and the small businesses that drive the American economy.”

Under the Middle Class Tax Relief Act of 2010, 97 percent of American families and small businesses will get tax cuts of $1.5 trillion over 10 years. The average middle-class family is expected to save approximately $1,000 per year.

For all families making less than $250,000 a year, the bill permanently extends the 2001/2003 tax cuts, including current tax rates, marriage penalty relief (including the Earned Income Tax Credit), capital gains and dividends rates, and the $1,000 child tax credit (for earnings above $3,000).

The bill also protects more than 25 million taxpayers from the Alternative Minimum Tax (AMT) by extending the AMT patch through 2011 and permanently extends small business expensing.