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FOR IMMEDIATE RELEASE:
Thursday, December 08, 2005
WASHINGTON, DC–Congressman Steny Hoyer (D-MD) today voted against H.R. 4297, the Tax Reconciliation Bill, which would give another round of tax cuts to the wealthy few while increasing the deficit by $81 billion over ten years.
“Just two weeks after House Republicans claimed that they were restoring fiscal discipline to the federal budget, they passed a tax bill today that will make our deficits worse and drive our nation even further into debt,” Hoyer said. “In five short years, the Republican Party’s failed economic policies have created $1.57 trillion in budget deficits and added $3 trillion to the national debt.”
“Republicans have failed Maryland’s middle-class today,” said Hoyer. “Their tax bill will shift more of the tax burden to working families because they deliberately left out a provision protecting them from the Alternative Minimum Tax (AMT).”
The AMT was enacted decades ago to ensure that wealthy Americans pay their fair share of taxes but it is increasingly ensnaring the middle-class because it has not been indexed to inflation. Without adequate protection, one-third of taxpayers making between $75,000 and $100,000 will face higher taxes next year because of the AMT.
“The Republican tax bill perfectly illustrates the Republican Party’s misguided priorities. It leaves the middle-class exposed to the AMT while extending capital gains and dividend tax cuts. Americans with incomes of more than $200,000 a year receive 80 percent of all benefits from the capital gains tax cut, and more than 50 percent goes to those with incomes over $1 million,” added Hoyer.
“At the same time that Republicans are cutting taxes for the wealthy few, their budget cuts student loans by more than $14 billion – increasing the costs for the 91,317 student borrowers in Maryland and their families. They also slashed Medicaid funding by $10 billion, which would have a severe impact on the 752,065 children, seniors and others in Maryland who rely on Medicaid for their health care. America and Maryland can do better than tax breaks for the wealthy few, subsidized by spending cuts that hurt students, seniors and our most vulnerable,” Hoyer said.
“I voted for the competing Democratic tax bill that would protect middle class families from the AMT and extend other important tax provisions that expire this year such as the research and experimentation tax credit for companies that invest in new product development and teachers classroom expenses. Democrats are focused on helping working Americans build a better future for their families, while Republicans continue to put politics above the middle class and a fiscally responsible tax policy,” concluded Hoyer.
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