Local lawmakers weigh-in on extended tax cuts - WFMJ.com News weather sports for Youngstown-Warren Ohio

Local lawmakers weigh-in on extended tax cuts

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On Friday, President Obama quickly signed a $1.1 trillion spending package into law preventing a government shutdown. It also extends tax cuts to families and businesses. 

Vice President Joe Biden said in a press release that neither side got everything they wanted, but the budget and tax agreement will begin a resurgence to the economy.

The massive bill, extending dozens of tax credits, will make two important tax credits permanent including the Earned Income Tax Credit and the Child Tax Credit.

"Somebody making 20, 30, 40 thousand dollars a year, a family with children will get significant tax relief under this bill. They file their taxes they can get $2,500, $3,500 and $4,000 dollars back from the government," said U.S. Senator Sherrod Brown.

Brown says the move will pull tens of thousands of Northeast Ohio families out of poverty.

Also on board is Congressman Tim Ryan. But, he says it's not perfect.

"I was excited to cut taxes for all of these small businesses and families and if I had to do it over, if I had my own choice we would have paid for these. We would have made sure they were here, what we call 'deficit neutral.' They weren't going to blow a hole in the deficit, that's what my wish was," said Ryan. "I didn't have an opportunity to vote on something like that but I think on the whole even though these are not paid for and we are going to have to come back and pay for them at some point but, the economy will see a major stimulus."

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