Washington, DC – U.S. Senator Ben Cardin (D-MD), a member of the Senate Finance and Budget Committees, made the following statement after the Senate approved the Democratic Middle Class Tax Cut Act of 2012 (S. 3412):
“The Senate took positive action today to extend tax cuts for all Americans on their income under $250,000, which will help our economy continue its climb out from the depths of a deep recession. There are still too many Americans—12.7 million – who desperately want the opportunity to work but cannot find a job through no fault of their own. We cannot allow the extension of middle-class tax cuts to get stuck in the partisan gridlock. It is the wrong time to add instability to the financial markets and the wrong time to increase rates for middle-income families.
“I urge the House to act swiftly on this bill. It is a tough time for our economy. We’re dealing with much economic uncertainty between the fate of the Bush-era tax cuts, looming sequestration, and a sluggish recovery. Every delay translates into more long-term instability for American families and businesses.
“In the coming months, I am hopeful that we can work together as a Senate and as a Congress to address the looming tax increases, but also to address our fiscal woes. Our first priority is to get Americans back to work. We also need a balanced plan for stabilizing our budget deficit and this plan must include both revenues and spending cuts. Democrats and Republicans need to work together to remove uncertainty about our financial future.”