December 15, 2010

 
Washington, D.C.—Nevada Senator Harry Reid released the following statement this afternoon after the Senate passed a bill to cut taxes for the middle class and create jobs:

“Middle class families need a boost in this economy, and that is exactly what this plan gives them. It is not perfect, but it will create 2 million jobs, cut taxes for middle class families and small businesses, and ensure that Americans who are still looking for work will continue to have they safety net they rely on to make ends meet.

“This debate revealed that my Republican colleagues would rather talk about the deficit than do anything to bring it down. They refused to give the middle class a tax cut unless we also handed out tax giveaways to millionaires and CEOs that they do not need, and which our country cannot afford. In the future, I hope my Republican colleagues will match their actions to their rhetoric, and start working with us to bring down the deficit.”

“However, with so many Nevadans struggling right now, this tax relief package is critical to immediately boost to our state’s economy by creating jobs and bringing relief to families. I am so pleased to have added an essential energy tax cut provision that could create more than 2,500 clean energy jobs across the state, an important step to ensuring Nevada leads the nation in renewable energy. Additionally, by protecting our state’s sales tax deduction, more Nevada families will have spending money in their pocket to go to the grocery store and put food on the table.”

How the tax relief package will impact Nevada middle-class families:
• Extends all tax cuts for Nevada’s middle class families
• Reduces payroll taxes by $120 billion
• Extends unemployment insurance benefits for 13 months
• Extends the American Opportunity Tax Credit for families paying college tuition, the Child Tax Credit and the Earned Income Tax Credit
• Allows businesses to deduct 100 percent of certain investments in the first year
• Extends for two years the state and local sales tax deduction
• Extends Alternative Minimum Tax relief for two years
• Extends incentives that have been important for Nevada’s developing clean energy industry

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