Schwartz Statement on Tax Cuts for Middle-income Americans
Washington, D.C. – U.S. Rep. Allyson Schwartz delivered the following speech yesterday on floor of the U.S. House of Representatives during debate of H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
“Today, I rise in support of middle class Americans. As families and the nation continue to face economic challenges, we should extend tax cuts for Americans. Yet Republicans are insisting on including an additional tax break for just 6,600 wealthy estates at the expense of tax relief for middle class Americans.
“The goals of this tax-relief package should be to help middle-income Americans and promote economic growth. And because of the President and Democrats in Congress, most of this bill accomplishes that.
“I commend the pro-growth provisions, particularly the acceleration of bonus depreciation and the extension of the research and development tax credit, which encourage innovation and investment.
“I strongly support the extension of tax breaks for the middle-class families.
“Unfortunately the Senate Republican's last minute estate tax provision does not meet the goal of either economic growth or tax relief for the middle class. It is simply a bonus to the wealthiest few, which is not fair, not justifiable, and not fiscally responsible. Instead the estate tax proposal we offer as a substitute saves $25 billion.
“The House should vote for this proposal, which extends tax cuts for all Americans and provides sensible estate tax relief for 99.75 percent of our nation’s small businesses, families, and farms.
“Vote for the tax cuts. Vote for fair estate tax policy. Vote for this legislation as amended.”