12.13.10

Comment On The Senate’s Vote On Proposed Tax Cuts

I support tax relief for working and middle-income Vermonters, but I am not willing to add another $858 billion to our national debt in order to give enormous tax breaks to multi-millionaires.  

I am first and foremost a Vermonter, and the citizens of Vermont elected me to express my Vermont values.  In this case, I believe the deal on tax cuts is wrong for most Vermonters, and certainly wrong for our country.  Given the overwhelming number of calls, letters, and emails I have received this past week, most Vermonters seem to agree with me as well. I commend Senator Sanders for speaking out so strongly against this tax deal on the Senate floor last Friday.

One of the biggest mistakes of the last administration was to wage two wars without paying for them, while cutting taxes for the most wealthy.  We should not repeat that mistake by rubberstamping this agreement between President Obama and Congressional Republicans to extend and expand the Bush-era tax cuts for two more years.  

The Bush tax cuts have led to record federal deficits, contributed to the government’s current financial woes, and have not helped many Americans who face the greatest financial burdens.  Most disappointingly, the Bush tax cuts failed to “trickle down” to help those Americans most in need.  Instead, the wealthiest two percent of Americans have benefited substantially. 

As The Wall Street Journal reported on Friday, most of the wealthy beneficiaries of the Bush tax cuts have not injected that money directly into the economy to hire new workers or create new jobs.  Rather than using their windfall to invest in our economy, corporations are building record cash reserves and executive pay is through the roof once again.  Why would anyone think that extending the tax cuts to the wealthiest among us will produce a different result now?

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