September 20, 2010
The House last week returned from a District Work period. I spent the past month meeting with constituents and participating in events such as the Whittier Street Health Center's recent groundbreaking. I've had a chance to talk with many 8th District residents, and I know many of you are concerned about the economy, job creation and our deficit. In the weeks ahead we will continue working to address all of these very important issues.
A big question facing Congress is what to do about the Bush tax cuts, which expire at the end of this year. While most Members believe that tax cuts for families making below $250,000 a year should be extended, agreement breaks down over what to do about everyone else.
Many Americans are still struggling to make ends meet and are concerned about their jobs. While I do believe that the economy is improving, there is still progress to be made. In this environment Congress should extend the middle class tax cuts. 97% of Americans will be impacted if these cuts are allowed to expire. I do not support extending tax cuts beyond the $250,000 threshold. Just 3% of incomes fall under this category yet the cost of extending them is a staggering $700 billion over ten years. We simply cannot afford tax cuts for the wealthiest 3% of Americans.
Some Members are demanding an all or nothing approach, declaring that they won't support anything less than extending tax cuts for everyone. I simply cannot believe that anyone would stand in the way of tax cuts for middle and lower income Americans over tax cuts for the top 3%, but the debate over this issue is sure to be contentious.
I hope that Congress can resolve this matter well before the tax cuts expire at the end of the year. As always, I will keep you posted. Up next, the House is expected to consider the Small Business Lending Act. I will report later this week on that vote.