Pelosi Statement on Making Work Pay Tax Cut Going Into Effect Tomorrow

Pelosi Statement on Making Work Pay Tax Cut Going Into Effect Tomorrow

Tuesday, March 31, 2009

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C â€" Speaker Nancy Pelosi issued the following statement today on the Making Work Pay tax credit, which goes into effect tomorrow. The tax cut, in which most working families will receive $800 a year through reduced payroll deductions, is part of the American Recovery and Reinvestment Act that Congress passed and President Obama signed into law last month:

"The Making Work Pay tax cut will put more money in workers’ paychecks each week, helping to jumpstart our economy and provide some much-needed relief to Americans who are having a difficult time making ends meet. Congress passed the American Recovery and Reinvestment Act one month after President Obama took office, giving workers across the country one of the fastest tax cuts in our nation’s history.

"Putting more money directly into the hands of 95 percent of working Americans is only the beginning. This week, Congress will pass a budget blueprint for America that cuts taxes for middle-income Americans by $1.5 trillion, cuts the deficit by two-thirds, creates new jobs through investments in health care, clean energy and education, while cutting spending to its lowest level in a generation.

"With the Making Work Pay tax credit, President Obama and Congress have made clear that American families are at the top of our agenda."