DeLauro Statement on Vote to make Tax Cuts for the Wealthy Permanent

Bill extends most tax cuts for wealthy, letscrucial cut for middle class expire

WASHINGTON,DC—Congresswoman Rosa DeLauro (D-CT) released the following statement aftervoting against the American Taxpayer Relief Act of 2012 (H.R. 8):

"Iwas hopeful that we would be voting on legislation that prioritizedworking families and the middle class over the wealthiest Americans in taking abalanced approach to the challenges we face as a nation. However, thebill before the House of Representatives tonight is not that.

"Ihave consistently supported making the tax cuts for the first $250,000 ofhousehold income permanent and I am pleased this bill does so. I am alsopleased that this legislation extends unemploymentinsurance, allows some high-end tax rates to return toClinton-era levels, and extends tax credits that benefit the working poor andstudents. Those are reasons to support it, but are not enough.

"Iquestion whether those making above $250,000 need tax cuts and I cannot supportan extension of the Bush tax cuts to those making up to $450,000. At thesame time, this legislation fails to address the expiring payroll tax cut,meaning that millions of middle class families will see as much as a $2,200 taxincrease, beginning with less take home pay in their next paycheck. This isregrettable.

"Thislegislation makes permanent a tax structure that benefits the wealthy – itprovides permanent tax rates to the wealthy while only providing temporary taxcredits to working and middle class families. A $10 million estate taxexemption is now permanent, while the Child Tax Credit, the Earned Income TaxCredit, and the American Opportunity Tax Credit are only temporary.

"Thislegislation also does not permanently address the automatic spending cuts whichthreaten to cost thousands of jobs, and the debt ceiling, which if not raised,as we saw a little more than a year ago, could wreck havoc on oureconomy. That means we will be back two months from now under anotherfiscal cloud – and with many of the same people that created this crisis onceagain holding the economy hostage while this time calling for benefit cuts toSocial Security and Medicare. This once again will put the middleclass at risk."