|By PR Newswire||
|January 1, 2013 05:15 AM EST||
WASHINGTON, Jan. 1, 2013 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA-02), a senior House Appropriator and author of the American Opportunity Tax Credit (AOTC) to reduce the cost of higher education, issues this statement on the tax cut package approved by the U.S. Senate.
"The Senate has taken a giant step away from the looming tax increases that would hit hard at virtually every American. The Senate's plan has my strong support and I am confident the House will quickly follow suit in the New Year.
"The plan preserves numerous tax cuts for middle and low income American families so they can hold their own as our nation climbs out of economic hard times. One important tax cut that is preserved is the American Opportunity Tax Credit which President Obama campaigned on and I authored, to make college more affordable.
"The AOTC, which was due to expire at midnight, now continues for another five years. It has benefited 11 million college students and families with $14 billion in tax credits. It provides up to $2,500 for college tuition and other expenses a year over four years. That's a potential benefit of $10,000 for the young women and men, many from low-income households, who are acquiring the education and skills to propel our nation toward winning the future in a competitive world economy.
"I'm proud to have put this education credit on the legislative agenda in 2009 – and worked with my colleagues to preserve it as part of this important agreement for America's working families."
SOURCE Office of Congressman Chaka Fattah