Pelosi Backed Boehner’s “Plan B” Tax Cut Proposal

Pelosi Backed Boehner’s “Plan B” Tax Cut Proposal

0 312

House And Senate Leaders Hold September 11th Remembrance Ceremony On Capitol Hill

From BuzzFeed:

WASHINGTON — Speaker of the House John Boehner’s “Plan B” to avert the fiscal cliff would cut taxes for incomes under $1 million — a higher threshold than the White House demands, but one that had a powerful backer, House Minority Leader Nancy Pelosi.

In May, Pelosi sent Boehner a letter calling for the immediate passage of a middle class tax cuts up to that level, while President Barack Obama was on the campaign trail calling for taxes to rise on incomes over $250,000. The White House has since revised that target at $400,000 in ongoing negotiations with Boehner, but has shown few signs it would accept the $1 million level.

“Democrats believe that tax cuts for those earning over a million dollars a year should expire and that we should use the resulting revenues to pay down the deficit,” Pelosi said in the letter.

 

Pelosi Letter to Boehner: Allow House to Vote Now on Permanent Extension of Middle Income Tax Cuts

Washington, D.C. – Democratic Leader Nancy Pelosi today called on Speaker Boehner to bring a permanent extension of the middle income tax cuts to the House floor immediately and use the revenues resulting from the expiring tax breaks for those earning more than a million dollars to pay down the deficit.

As Leader Pelosi said in her letter to the Speaker, “Without further delay, the Majority Leadership should schedule a vote on extension of the middle income tax cuts, as early as next week, to increase certainty for millions of American taxpayers and for the economy.”

Pelosi added: “We must ask the very wealthiest Americans to pay their fair share.  Democrats believe that tax cuts for those earning over a million dollars a year should expire and that we should use the resulting revenues to pay down the deficit… It is unacceptable to hold tax cuts for the middle class hostage to extending multi-billion dollar tax breaks for millionaires, Big Oil, special interests, and corporations that ship jobs overseas.”

Below is the full text of the letter:

May 23, 2012

The Honorable John Boehner
Speaker
United States House of Representatives
Washington, D.C.  20515

Dear Speaker Boehner:

Without further delay, the Majority Leadership should schedule a vote on extension of the middle-income tax cuts, as early as next week, to increase certainty for millions of American taxpayers and for the economy.  We should not delay passing this legislation that will help afford all Americans the opportunity to reach their goals and realize the promise of the American Dream.

We must ask the very wealthiest Americans to pay their fair share.  Democrats believe that tax cuts for those earning over a million dollars a year should expire and that we should use the resulting revenues to pay down the deficit.

By ensuring that the middle-income tax cuts do not expire, we will put money into the pockets of American consumers, saving the typical middle-income family thousands of dollars per year.   Extension of this middle-income tax cut will inject demand into our markets and strengthen small businesses.  By investing in both the short-term growth of our economy and the long-term prosperity of our nation, it will empower the entrepreneurial spirit of the American people.  We cannot afford another manufactured crisis that unnecessarily threatens the full faith and credit of the United States and jeopardizes our economic recovery.

Extending middle-income tax cuts that benefit nearly all Americans is not controversial.  Congressional leaders across the ideological spectrum agree that we should not be raising taxes on middle-income people at this delicate time in our recovery from the worst recession in 70 years.  It is unacceptable to hold tax cuts for the middle class hostage to extending multi-billion dollar tax breaks for millionaires, Big Oil, special interests, and corporations that ship jobs overseas.

I urge you to allow the House to vote on the permanent extension of middle-income tax cuts now and for Democrats and Republicans to work together to strengthen our middle class, create jobs, and grow our economy in a balanced and fiscally responsible way.

Thank you for your consideration.

best regards,
NANCY PELOSI
Democratic Leader