Pelosi: Tax Bill Once Again Shows Republicans Favor the Wealthy at Expense of Middle Class
Pelosi: Tax Bill Once Again Shows Republicans Favor the Wealthy at Expense of Middle Class
House Democratic Leader Nancy Pelosi released the following statement on the joint House-Senate conference report on the Tax Reconciliation Act, H.R. 4297, which passed the House this evening:
"This tax bill is the latest example of middle-class families and future generations paying the price for misguided Republican priorities. It will increase our debt, cut taxes for the super-rich, and do little for Americans struggling under skyrocketing gas prices. It does not promote our values; in fact, it undermines them.
"In just five years, President Bush and the Republican Rubber Stamp Congress have turned a record surplus into a record deficit of nearly $3.3 trillion and today want to add $70 billion to our debt over the next 10 years.
"Most middle-class families won't even be able to fill up their car with a full tank of gas with the tax cut that Republicans are giving them. Instead, millionaires will be able to buy a new luxury car.
"A Bloomberg News headline this week said it perfectly: Republicans Set Aside Middle-Income Tax Cuts to Focus on Rich.' Middle-class families don't get any help from this bill. Students with schools loans don't get any help. Innovative businesses don't get any help.
"But Big Oil does. The Bush Administration threatened to veto any bill that does not protect their Big Oil cronies, so Republicans stripped this bill of provisions to close loopholes that ensure that big oil and gas companies pay their fair share of taxes.
"Democrats are committed to subjecting every piece of legislation to the rigors of pay-as-you-go budgeting. We cannot afford to continue placing our economic future in the hands of the foreign governments that finance our debt.
"Democrats stand for fiscal responsibility, fairness, and investing in our future. It is time to take the country in a new direction - one that works for all Americans, not just the few."
http://democraticleader.house.gov/press/releases.cfm?pressReleaseID=1559