DeLauro Votes Against Tax Package

Washington, DC— Congresswoman Rosa L. DeLauro (CT-3) voted against the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853) tonight, and entered the following statement into the Record of the United States House of Representatives:

Madam Speaker: After much consideration, I rise today in opposition to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

I believe that middle-class families need tax relief, and I have fought and will always fight for the smart, targeted tax cuts that create jobs and spur the economy. But this legislation moves our country in the wrong direction. It emphasizes tax cuts for the wealthiest 2 percent of Americans at a time when we should be focused on helping the middle-class, reducing unemployment, and strengthening the economy.

I have continually argued in favor of making the cuts on the first $250,000 of household income permanent, while letting taxes on income over that amount go back to the level under President Clinton, a time of strong economic growth.

When these tax cuts first came up a decade ago, I thought they were bad policy that disproportionately benefited the rich while doing nothing to create jobs, and I voted against them. They are still bad policy.

To be sure, there are good elements here that will strengthen the economy, such as a much-needed extension of unemployment benefits and an expansion of the Child Tax Credit, something I have argued for throughout much of my time in Congress. I will continue to fight for tax cuts like these, ones that benefit middle-class and working families and promote economic growth.

Yet, I hold deep concerns about a payroll tax cut that threatens the future health of Social Security, which has funded itself for decades. And even after so much talk from across the aisle about the deficit, Republicans only supported a much-needed package for middle class relief after demanding new tax breaks for the super-rich, including a drastic estate tax reduction that will add over $100 billion to the deficit.

With middle-class incomes stagnant and income inequality increasing, we have to make sure our tax policies benefit all American families, not just the richest among us. Rather than giving a new tax cut to millionaires and billionaires, we should be investing in job creation – in our children and seniors, education, small businesses, manufacturing and infrastructure. We are a nation built by the middle class, and our future prosperity is dependent on our ability to rebuild a middle class decimated by the failed policies of the past. That is where our resources must be directed, not toward the wealthy who have more than weathered the storm. As such, I cannot in good conscience support this bill.