Reed Calls For Continuation of Tax Cuts
FOR IMMEDIATE RELEASE
Warns That Tax Increases Discourage Job Growth
Warning that tax issues discourage job growth, Tom Reed today cautioned that the tax cuts scheduled to expire at the end of the year need to be renewed if the economy is to improve. “With an economy that is teetering on a double dip recession and people still looking for work, the last thing we need is to raise taxes,” Reed said. “The tax cuts made by the last administration must remain in place.”
The tax cuts are set to expire Dec. 31 at which time ALL Americans who pay income tax (about 60% of Americans) will see tax increases with the lowest tax bracket getting the highest increase (10% to 15%). “Those increases absolutely cannot happen if the economy is to recover,” Reed observed. The middle and lower classes can least afford to pay for the government’s trillion dollar deficits.”
With growing indications that the tax cuts will be allowed to expire in order to deal with the budget deficit. Reed reiterated his belief that the deficit must be dealt with by cutting spending as opposed to raising taxes. He has proposed three immediate actions to begin addressing the deficit:
- Lower and cap non-defense discretionary spending. Period. The 2010 budget included $410 billion increase in discretionary spending (not counting stimulus). We cannot afford that kind of increased non-essential spending.
- All spending increases MUST be paid for by reducing other government spending increases (without exemptions). Reed will demand a common sense approach to spending. Just like every family and small business approaches its budget: if we don’t have it, we can’t spend it.
- No tax votes between Election Day and Dec. 31. If the tax cuts will be allowed to expire, at least Congress should have the courage to do it in sunlight before Election Day instead of during a “lame duck” session after Election Day.
“The biggest barriers to job growth are excessive taxation and regulation,” Reed observed. “Washington has given us record-level debt and now wants more new taxes. It has to stop.”
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