Heinrich Firm On Opposition To Extending Bush Tax Cuts For Highest Earners

Press Release

Today, U.S. Representative Martin Heinrich (NM-1) reaffirmed his unwavering support for fiscally responsible, middle-class tax relief. In a letter sent to House Speaker Nancy Pelosi, Rep. Heinrich stated that he remains committed to extending the expiring Bush tax cuts for individuals who make less than $200,000 and families who make less than $250,000, but he will not support extending tax cuts for millionaires and billionaires.

"Some are suggesting we pass another budget-busting giveaway to millionaires and billionaires. I cannot support such an unfair and fiscally irresponsible course of action," Rep. Heinrich stated in the letter. "We've seen the results of the 2001 and 2003 Bush tax cuts for the wealthy--record deficits and a tax code that encourages wealth stagnation rather than innovation. Returning to the same failed policies of the Bush administration, which took our country from surpluses to record debt, is completely unacceptable."

To read the full letter, click here.

According to the Office of Management and Budget, the Republican-backed plan to extend the Bush-era tax cuts for the wealthiest few would blow a $700 billion hole in the deficit -- $36 billion of which would come next year.

"We can't pay down the Bush administration's debt and fund critical social programs like Medicare and Social Security if we're writing checks for $700 billion to the richest Americans like Donald Trump and Tiger Woods," Rep. Heinrich posted on Facebook earlier this week. "Anybody who's ever balanced a family checkbook can see through Republicans' wild claims."

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