[Congressional Record (Bound Edition), Volume 156 (2010), Part 4]
[Extensions of Remarks]
[Pages 5712-5713]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        MIDDLE CLASS TAX RELIEF

                                 ______
                                 

                             HON. JOE BACA

                             of california

                    in the house of representatives

                        Thursday, April 15, 2010

  Mr. BACA. Madam Speaker, it has been a little over a year since this 
Congress approved, and the President signed into law the American 
Recovery and Reinvestment Act.

[[Page 5713]]

  As we are set to finish tax season this week, the Middle Class is 
continuing to see the positive impacts from this bill and other 
significant pieces of legislation.
  95 percent of families have already received immediate and sustained 
tax relief with the Making Work Pay Tax Cut.
  First-time homebuyers were able to take advantage of significant tax 
benefits--benefits that have now been increased and expanded.
  The Recovery Act also provided up to $2,500 in tax credits to help 4 
million students go to college.
  We have also provided tremendous relief to small businesses 
struggling to stay afloat in these tough economic times.
  The Recovery Act cut the capital gains tax on investors who buy and 
hold small business stock over 5 years which incentivizes investments 
in America's small businesses.
  We also offered tax credits to companies that hire recently 
discharged and unemployed veterans and young adults who are having 
trouble finding work.
  This relief wasn't limited to the Recovery Act.
  Last month, we passed the most sweeping healthcare reform package 
since the 1960s.
  This provides 40 million families with incomes up to $88,000 with tax 
credits to help pay for healthcare.
  It also provides $40 billion in tax credits for 4 million American 
small businesses.
  Continuing along this path, the HIRE Act was signed into law, 
strengthening small businesses with tax credits and write offs allowing 
them to expand and increase employment.
  I am committed to continuing to support measures like these that put 
the American people first.
  I am confident that if we continue to put the American people first 
instead of relying on partisan talking points, we will continue to 
recover.

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