Posted: Dec 31, 2012 11:39 PM by Katie Ferber, KSBY News
Updated: Jan 1, 2013 5:54 AM
Washington, D.C. - U.S. Senator Barbara Boxer (D-CA) issued the following statement after the Senate passed legislation to avert the fiscal cliff and to prevent tax hikes from hitting millions of families nationwide:
"My major priority in resolving the fiscal cliff was ensuring that our nation's economic growth continues and is not stalled. This agreement takes important steps that are critical to keeping the economy growing in California and nationwide.
"This legislation would continue unemployment insurance for 400,000 Californians who were at risk of losing their benefits. This assistance is so important for our families and for our economy because every dollar invested in jobless benefits creates at least $1.42 in economic activity.
"The measure would protect 15 million California taxpayers from seeing increased tax rates and would protect 5 million Californians from the Alternative Minimum Tax. Averting these tax hikes would save California families thousands of dollars a year and would help our state's economy continue to grow.
"The legislation also would keep in place critical tax breaks such as the child tax credit, the Earned Income Tax Credit, the tuition tax credit, as well as clean energy and small business tax credits.
"As I examined the ramifications of going over the cliff, it was clear to me that it would have created too much uncertainty for our economy and pain for our families with no promise of a quick resolution. I believe this compromise will help ensure that we do not derail an economic recovery that is still fragile."
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