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PETERS BACKS MIDDLE CLASS TAX CUT, BUT URGE ONE YEAR EXTENSION FOR ALL

FOR IMMEDIATE RELEASE
Thursday, December 2, 2010

CONTACT: Dan Farough
Office: (248) 273-4227

PETERS BACKS MIDDLE CLASS TAX CUT, BUT URGE ONE YEAR EXTENSION FOR ALL

Move necessary to protect economy, ensure certainty in troubled times

Washington, D.C. – Congressman Gary Peters voted today in support of making tax cuts for middle class families permanent while also sending a letter to Speaker Pelosi calling for a one-year extension of tax breaks for upper income earners, saying the move is necessary in order to ensure certainty in difficult economic times. 

Nothing can be allowed to stand in the way of an economic recovery,” said Congressman Gary Peters.   “I strongly support making tax cuts permanent for Middle Class families as they are the backbone of the economy and have felt the brunt of the downturn.  Given the continued fragility of our economy, I also believe we should provide a temporary, one-year extension of tax cuts to upper income earners.”

A diverse spectrum of economists such as Mark Zandi, chief economist of Moody’s Analytics and Peter Orszag, former White House Budget Director have said that allowing tax rates to increase now on any income group would negatively impact economic growth at exactly the time families and businesses are making budget decisions and stability is needed most. 

Under the plan backed by Peters, a one year extension of tax breaks for upper income earners and a permanent extension for individuals making under $200,000 and families making under $250,000 is possible without accruing new debt by using existing surplus funds identified on the PAYGO scorecard.  The PAYGO law already allows for the middle class tax cuts to be extended.

Americans want their elected leaders to put partisanship aside and focus on what will create jobs in this country,” said Peters.   “The time for brinkmanship is long over.  The sooner Congress acts on tax cuts for the middle class and a one year extension for all earners, the sooner we can get back to the business of getting this economy back on track.”

A copy of the letter sent to House Speaker Nancy Pelosi can be viewed at: http://peters.house.gov/uploads/Tax%20Cut%20Extension%20Letter%20to%20Speaker%2012-02-10.pdf