Today, Congressman Jerrold Nadler (D-NY) called on Members of the House to reject H.R. 8, the Republican tax proposal to extend Bush-era tax cuts for the wealthiest 2% of Americans. The measure would raise taxes on millions of Americans by an average of $1,000 per year, and increase the deficit by $50 billion in just the first year. Nadler called for House passage of the Senate-approved H.R. 15, which would end costly tax breaks for those making over $250,000 per year while extending much-needed tax cuts for the other 98% of Americans. H.R. 15 also would decrease the deficit by $930 billion over 10 years.
Nadler issued the following statement:
“It is beyond unconscionable that Republicans are, once again, holding the middle class and our economy hostage in an attempt to give handouts to the wealthiest 2% of Americans. The livelihood of 300 million Americans should not be used as leverage for a cynical Right Wing tax agenda. Tax cuts for the middle class are essential in this period of economic recovery. Beyond providing relief to millions who are struggling, these cuts would create jobs and opportunity, and help to restore aggregate demand to our economy, which is absolutely essential if we are to pull the nation out of the recession.
“The Republican position that tax breaks for millionaires and billionaires are necessary for job creation was debunked long ago. We are now staring down historic income disparities, massive unemployment, and the worst economic recession since the Great Depression. If the Republicans continue their political games, 114 million American families will be burdened by tax increases. It is time for the richest Americans to pay their fair share. It is not right for millionaires and billionaires to get special tax breaks that the rest of us don’t get. When the rich pay less, middle class families end up paying more; isn’t it time for Congress to provide some relief to middle and working class Americans? It is only Republicans who now stand in the way of economic justice.”