Washington, D.C. – Nationwide tax cuts passed by Congress during the presidency of George W. Bush are set to expire at the end of 2010. Oregon’s Senator Jeff Merkley issued the following statement in support of extending tax cuts for all American taxpayers:
“To provide relief to small business owners and help families get through this tough economic time, I’m fighting with fellow Democrats for permanent tax cuts for every single American taxpayer. That is a phrase worth repeating: tax cuts for every single American taxpayer.
“The cuts we are talking about reduce taxes on all income up to $250,000. Unfortunately, Republicans in the Senate are determined to take these tax cuts hostage in an effort to secure additional tax cuts for millionaires and billionaires. This is a repeat of the Bush economic policy and would tack nearly $700 billion on to the federal deficit in the next 10 years. It’s just not something we can afford.
“Bonus tax cuts for the wealthy might make lobbyists smile, but economists of all political persuasions agree that they do practically nothing to help the American economy.
“The bottom line is that we need to provide permanent tax cuts to help put working families back on their feet. I sincerely hope that my colleagues will recognize this common ground and come together to support tax relief for all Americans.”