Thank you for contacting me with your concerns about the Obama-McConnell tax package, H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act that extends tax cuts for the wealthiest Americans at the expense of the federal deficit. I appreciate hearing from you.
You will be pleased to learn that
I voted against the $858 billion deficit spending package that the President signed into law on December 17th, which included additional tax bonuses for the wealthiest two percent of Americans that are not proven to create American jobs. The Obama-McConnell package continues the failed trickle-down economic policies and millionaire bonuses initiated by the Bush Administration at the expense of our grandchildren. At this critical moment in our nation's economic recovery, we cannot afford to balloon our deficit by $858 billion on policies that will not create jobs, will not build roads, and will not educate the next generation of Americans. Instead, we should prioritize policies that will move our country forward and investments that will rebuild our economy. I will continue to advocate for responsible, pro-growth fiscal policy.
Our current deficits are unsustainable and require fiscal responsibility.
Although 90 percent of the current budget deficit is a result of the policies of the previous Administration, the current Administration and Congress decided to continue the same fiscally irresponsible policies. We should not jeopardize the long-term fiscal health of this country by doubling down on tax cuts for a tiny number of the wealthiest Americans and paid with borrowed money to be repaid by our grandchildren.
We should not enact a payroll tax holiday that will siphon critical funding away from Social Security, potentially destabilizing one of our most successful social safety nets that more than 50 million Americans rely on to make ends meet, put food on the table, and stay in their homes. Instead, we should focus on policies that we know will create jobs and improve our economic future, like investing in infrastructure and extending tax relief for the middle class. To that end, with my support the House passed an earlier version of H.R. 4583, then-titled the Middle Class Tax Relief Act. This act would extend tax cuts on all income earned up to $200,000 for individuals and $250,000 for families. That means everybody would get a tax cut for up to $250,000 of their income. Republicans and Democrats agree that we should extend tax relief for the middle class to help millions of families hit hardest by the recession and continue our economic recovery by keeping money in the pockets of those most likely to spend it.
However, the Republicans held hostage middle class tax cuts until millionaires got tax bonuses. That is unacceptable. I joined a letter circulated by Rep. Peter Welch to House Speaker Nancy Pelosi opposing the Republican demands for additional tax breaks for the wealthiest two-percent of Americans.
These additional tax bonuses for the country's wealthiest people will add $81.5 billion to our deficit without helping our economy. The Congressional Budget Office found extending the tax cuts for high-income households to be the least effective of all options under discussion for preserving or creating jobs and boosting economic growth while the economy is still recovering. I do not support irresponsible policies that put our debt burden on our grandchildren in exchange for millionaire tax cuts and short-term economic gain. I will continue to fight to protect the middle class and will be sure to keep your thoughts in mind as Congress considers these temporary tax cut extensions.
Please continue to contact me about the issues that concern you, as I both need and welcome your thoughts and ideas. Because security measures in the House cause delays in receiving postal mail, I encourage you to contact me by telephone, by fax, or through my website at
http://www.house.gov/inslee/contact. For more information on my activities in Congress, and for information on services that my office can provide, please visit my website at
http://www.house.gov/inslee/. Edited to go back and
bold the stuff I felt was pertinent because it's kind of a long message. :7 :hi: