Washington, DC — Senate Democratic Leader Harry Reid released the following statement on the Republicans’ decision to strip the Pensions Conference Report of middle-class tax breaks in order to continue to pursue fiscally irresponsible estate tax giveaways:
“For months, Republicans held the retirement security of millions of workers hostage to their desire to provide hundreds of billions in estate tax giveaways to the privileged few. Now that the effort was rejected, Republicans are holding hostage needed tax relief for working Americans, businesses, and students in an effort to pass fiscally irresponsible estate tax breaks. We need a Congress that works for all Americans, not one that puts special interests first. The Senate rejected fiscally irresponsible estate tax giveaways twice this year and will reject them again. It is time to move in a new direction that puts average Americans before special interests.”
REPUBLICANS BLOCKING IMPORTANT TAX BREAKS FOR STUDENTS, TEACHERS, AND BUSINESSES
R&D credit – enhances America’s competitiveness by encouraging U.S. companies to invest in research and development in the U.S. rather than abroad.
Tuition Deduction – allows 3.6 million families to deduct up to $4,000 in tuition costs.
State and Local Sales Tax Deduction – provides fairness to families whose state and local sales taxes exceed their state income tax.
Deduction for Teacher Classroom Supplies – allows 3.2 million teachers to deduct up to $250 of un-reimbursed expenses they pay out of their own packets to purchase classroom supplies.
Work Opportunity and Welfare-to-Work Credits – provides incentives to 20 million businesses to hire former welfare or other hard-to-employ workers