Statement in opposition to H.R. 9 – Republican Tax Cut for the Wealthy
Washington, DC (April 19, 2012) - Congresswoman Jan Schakowsky (D-IL) released the following statement after the House passed legislation to provide tax breaks for the wealthy:
“Another day, another Republican hand-out to multi-millionaires. I voted no on this so-called small business bill, because it won’t benefit small businesses and it won’t create jobs. In addition, the bill would add $46 billion to the deficit because Republicans refuse to pay for it. Yet this very week, Republicans claimed that due to deficit concerns, we need to cut programs that benefit the middle-class and those who aspire to it. They are moving forward legislation that will, among other things, hurt access to health care and cut food and nutrition programs for children. Their choice could not be more clear: they want to cut investments in creating opportunity for all in order to give more to the richest Americans.
“Wealthy individuals with income over $1 million a year would get almost half of the benefits from this bill, while struggling small businesses that just break even in 2012 or are carrying a loss from last year wouldn’t receive a tax cut at all. It also won’t create jobs. The Joint Committee on Taxation has stated that the impact of this $46 billion bill on the economy is ‘so small as to be incalculable.’”