Walz unveils fiscal proposals to help middle class, the Post Bulletin's report on yesterday's press conference, begins:
As high gas and food prices continue to take a bite out of pocketbooks, Congressman Tim Walz unveiled a package of tax-relief proposals on Monday that he said would bring immediate help to the beleaguered middle class.
His plan would essentially allow middle class taxpayers to keep more of the money they earn through an assortment of tax cuts and tax credits, including a doubling of the standard deduction for taxpayers. To pay for it, Walz would raise taxes and close loopholes that benefit hedge-fund managers and highly paid corporate executives, as well as repeal subsidies for major oil and gas companies.
Walz, a Democrat from Mankato, said his proposals would bring balance to a tax system that is out of whack even as the middle class struggles with high food and energy prices. He said his plan cuts taxes for 61 million taxpayers and lowers the average tax bill by $750 this year. It also reduces the national debt by an estimated $60 billion.
"The current situation is unfair -- middle income families are being squeezed while big oil companies that receive tax subsidies are earning record profits," Walz said. "It is time to change our priorities in Washington and put regular people first."
Go read the rest at the PB. KEYC-TV reports Walz Proposes Tax Cuts.KAAL-TV's take-away:Tax Breaks for Middle Class.
Update: Reid Magney, a reporter for the LaCrosse Tribune, blogs about the bill in Walz unveils tax-cut proposal. His blog is part of the River Valley Blogs project kept by Lee Enterprises, which owns both the Tribune and the Winona Daily News. [end update]
Comments