(Archived Content)
FROM THE OFFICE OF PUBLIC AFFAIRS
JS-1803
Congress has an historic opportunity before them to keep our economic recovery on track and prevent a tax increase on the nearly 94 million people who benefit from the lowest 10% bracket, the increased child credit, marriage penalty relief and alternative minimum tax relief (AMT). These provisions, enacted in the Jobs & Growth Tax Relief Act of 2003, expire at the end of the year. If Congress fails to extend them, millions of hardworking Americans and their families will see less money in their take-home pay and feel the pinch in their pocketbooks.
If the 10% bracket disappears, 73 million lower income individuals will see a tax increase. Preventing a tax increase is essential for taxpayers at all income levels, especially those in the lower 10% bracket.
If the increased child credit disappears, nearly 28 million hardworking families and single mothers will be forced to send more money to Washington and have less for their children..
If the marriage penalty relief disappears, 28 million married couples will see a tax increase. Our tax code should not penalize marriage.
If the AMT relief disappears, 12 million middle class families will see a tax increase. These temporary provisions will keep the number of taxpayers affected by the AMT from rising significantly in the near-term.
The President is committed to allowing hard-working individuals and families keep more of their own money to help pay for their children's education, invest for retirement, and spend as they see fit. Extending these provisions will help our economy to continue expanding and creating jobs at increased levels of growth both now and in the future.