Conyers Opposes Republican Tax Cuts for the Wealthy

Washington, DC - Today, Congressman John Conyers, Jr. will vote against the Republican Tax Reconciliation Conference Report, which would extend President Bush's deep cuts to tax rates on dividends and capital gains while increasing the deficit.

"At a time when Republicans have ballooned the deficit, they now propose an irresponsible tax cut package that only benefits the rich and adds to the long-term deficit. This tax cut package would give just an average tax savings of $20 to middle-income households while providing $42,000 to individuals who make more than $1 million. For the income bracket of $10,000 to $20,000, those taxpayers would get a mere $2 back under the Republican legislation.

With the budget deficit at more than $300 billion this year, it is not the time to reduce the amount of money flowing into the federal treasury. The Republican tax cuts would add an additional $70 billion to the debt over the next five years. Republican desires to give tax breaks to the wealthy while funneling billions of dollars into Iraq is an untenable position. We cannot continue to amass debt and pass on the responsibility of paying for that debt to our children.

There is no conclusive evidence that giving tax cuts to the wealthy will help the economy and trickle down to everyone else. This Republican tax cut package expresses the wrong priorities for the country. When so many Americans are deprived of food, housing, and other basic needs, I cannot support a bill that gives tax breaks to millionaires."

###5-10-2006###