Larson Calls Republican Tax Package "Leave No Millionaire Behind"

LARSON CALLS REPUBLICAN TAX PACKAGE "LEAVE NO MILLIONAIRE BEHIND"

U.S. Congressman John B. Larson (CT-01) today voted against the conference agreement on the Republican tax reconciliation bill (H.R. 4297).

"I voted against this tax package because it is another example of the party of the few ignoring the majority of Americans and taking care of only the wealthiest taxpayers," stated Larson. "I am not opposed to tax cuts, but this bill transfers even more wealth to the top one percent of taxpayers while the deficit continues to expand, jobs continue to be outsourced, and pensions and benefits continue to be cut. The extension of the capital gains and dividend tax break will benefit oil men in Texas , not average Americans struggling to pay $3 a gallon for gas. In fact, middle-income households will receive an average tax cut of $20, barely enough for half a tank of gas. Meanwhile, households with incomes over $1 million will receive an average tax cut of $42,000, enough to buy another gas-guzzling vehicle. This is a tax package that will leave no millionaire behind.

"While this bill extends the high-income capital gains and dividend tax cuts until 2010, it only provides a one-year patch for the alternative minimum tax (AMT), a tax that increasingly hits middle-income taxpayers. If we don't look ahead to address the outdated AMT, millions more taxpayers will be hit when the patch expires and individuals in high-income, high-tax states like Connecticut will be hurt the worst.

"Additionally, last week I offered a motion to instruct the conferees on this bill to include three Senate-passed provisions that would have rolled back over $5.4 billion in tax giveaways to the oil industry. Sadly, this conference agreement only included one of those provisions, totalling a mere $292 million over ten years. This is just another case of the Administration and the Republican majority in Congress leaving no oil man behind.

"What we need is a tax package not directed towards the wealthy few, but towards the many middle- and low-income taxpayers who are struggling to make ends meet."

http://www.house.gov/larson/pr_060510.htm