Tax Reconciliation Bill Wipes Out Budget Savings While Increasing National Deficit, Says DeLauro

Thursday, December 08, 2005

Tax Reconciliation Bill Wipes Out Budget Savings While Increasing National Deficit, Says DeLauro

WASHINGTON, D.C. - Congresswoman Rosa L. DeLauro (Conn.-3) today issued the following statement on the tax bill passed by the U.S. House today. The Republican reconciliation tax bill reserves 45 percent of the benefits from this centerpiece for millionaires -- providing an average tax break of $32,000 to these wealthy few. In contrast, more than one-half of the taxpayers would get less than $30 per year.

"Just weeks after telling the American people - in the name of fiscal responsibility - that they should accept $50 billion in cuts to the student loan program, Medicaid and the food stamp program the Republicans now have brought to the House floor a bill that will increase the deficit by more than $100 billion over the next decade. And this bill wipes out the $50 billion in spending cuts the House passed in budget reconciliation with $56 billion of tax cuts Republicans have put into this bill. This bill primarily benefits the wealthiest Americans, but the bill provides no relief for millions of middle-class families.

"Together America can do better than more tax breaks for the wealthy few, financed through spending cuts that harm those who need help the most and saddling our children and grandchildren with even more debt. The Democratic substitute would have struck the extension of tax cuts for the wealthiest and reduce the current tax savings for millionaires."

http://www.house.gov/delauro/press/2005/December/tax_bill_12_08_05.html