Without federal action, the Bush tax cut will expire in January, raising middle class taxes an average of $2,000 a year, I am told. The U.S. Senate has passed legislation protecting the middle class by guaranteeing no tax increase for incomes below $250,000, now or in 2013. This protects the bottom 98 percent of Americans from a tax increase. It allows discussion of letting the tax cut expire on incomes above $250,000, which would return the tax rate on the wealthiest 2 percent of Americans to the level it was during the Clinton administration.
Oklahoma Congressman Tom Cole announced his support for this legislation in the House of Representatives. Oklahoma’s four other U.S. Representatives might support it, too, if they hear from the people.