WALZ UNVEILS MIDDLE CLASS TAX CUT BILL
"U.S. House"07/29/2008
"American families are being squeezed by rising gas prices and a slumping economy; my bill is the fair and right thing to do for the middle class," says Walz
(Rochester, MN) – Today, Congressman Tim Walz unveiled a major new legislative initiative to cut taxes for middle class families during a discussion around the kitchen table of Peter and JoAnne Bandy of Rochester.
Walz was joined at the Bandy residence by Nicole Sanborn and John and Diane Hedlund and their daughter Ava. After hearing details from the families about how they are being squeezed by rising gas prices and the slumping economy, Congressman Walz announced that he has introduced legislation in Congress that would provide a tax cut to more than 60 million middle class taxpayers.
"Middle class Americans are being hit hard by this sluggish economy – the cost of groceries, gas at the pump, home heating oil, health care and education keep going up and up," said Rep. Tim Walz. "I am introducing this tax cut bill to bring immediate help to middle class families in southern Minnesota and across our nation. I'm urging citizens across the country to help me get this bill passed. My proposal takes billions of dollars away from wasteful government programs like taxpayer subsidies to the oil companies and puts it back in the pockets of ordinary folks so they can afford to pay for rising gas prices."
The Walz Middle-Class Tax Fairness Act will cut taxes for 61 million taxpayers and save an average of $750 on their taxes this year if his legislation were enacted. The Walz Middle Class Tax is fiscally responsible and fully paid for by cutting government waste and tax give-aways for big corporations. The Walz legislation would also help pay down nearly $60 billion of the national debt.
"The current situation is unfair – middle income families are being squeezed while big oil companies that receive tax subsidies are earning record profits," said Walz. "It is time to change our priorities in Washington and put regular people first."
Joining Walz today were residents from Rochester and Byron.
Pete and JoAnne Bandy are enjoying their retirement years in northeast Rochester. They are active in their community with various volunteer opportunities and are very involved with children and grandkids. They live a modest lifestyle and are grateful for avoiding catastrophically high health care costs. "Yet," Pete says, "We could be one situation away from sinking into a healthcare cost crisis." Pete and JoAnne would save on their taxes $864under Walz's proposed legislation.
John and Diane Hedlund moved to a modest home in northwest Rochester three years ago. Their lives are happily consumed by spending time with their daughter Ava and pursuing their careers. "I used to take Ava on daytrips during the summer, to parks and museums, or we'd go up to Ikea to shop," said Diane. "We don't do any of that anymore." Fifteen years after graduation they continue to pay off student loans. Both Diane and John are concerned about how they will afford rising cost of living They purchase more generic brands, don't eat out as often, and watch their gas consumption. The skyrocketing price of gas has limited the ability of the Hedlund's to drive long distances to visit family. One weekend they did plan to visit the grandparents in St. James but were too cash strapped and realized they didn't have enough discretionary cash to pay for the gas. With Walz's tax proposal, the Hedlund's would save $1,283 on their income taxes.
Nicole Sanborn has worked as a legal assistant since 2004. Her major expenses are rent and car payment, however; she is moving from Byron to Dover which will double her driving distance to work each day. "I'm like a lot of other recent college graduates: I don't own a home but I have a monthly car payment and rent an apartment. High gas prices are really painful and stretch my paycheck to a near breaking point. Every dollar I can save is a big deal for me." She will save $832 under Walz's tax proposal.