December 7, 2010

Special E-Newsletter on Tax Proposal

By now I am sure you have all heard about President Obama's‚ "deal" on taxes and unemployment insurance. I write to ask YOUR opinion.

I believe that the President has, at best, negotiated a poor compromise. I think he should have held strong for middle-class tax cuts and extended unemployment insurance. I think we certainly could have compromised on where we drew the income level line — $250,000, $500,000, $1,000,000 or some other number. In fact, you may recall I led the attempt in September to pass a tax cut for those earning up to $500,000.

I do not believe that the Republicans would have simply allowed the unemployed to go without support. They themselves recognize that the unemployment rate remains unacceptably high. Moreover, I also never believed that the GOP would allow taxes to increase on the middle class. I am convinced that the President could have and should have pushed harder for a better result. I am deeply disappointed that he did not. I cannot imagine why he conceded so much in return for so little.

All that being said, we "are where we are" and I will be required to cast an UP OR DOWN vote soon — maybe this week. The legislation itself is not yet available, and I will carefully review it once it is. I do not expect that there will be any opportunity to amend the proposal, although I guarantee you that if there is an opportunity, I will certainly try.

Attached you will find two of the best explanations of the "deal" that I could find at this moment — from the White House and the New York Times.
http://www.whitehouse.gov/the-press-office/2010/12/06/statement-president-tax-cuts- and-unemployment-benefits
http://www.nytimes.com/2010/12/07/us/politics/07cong.html?_r=2&hp;=&pagewanted;= print

At this writing, I am honestly torn over how to vote on this package. I am very carefully weighing the measure, trying to balance my deep desire to extend tax cuts for the middle class and extend unemployment benefits for those who need them, with my conviction that we must get serious about the federal deficit — and burning billions of dollars on a tax cut for the wealthiest among us is the last thing we should be doing right now. I am very interested in your opinion on this "deal".

I always appreciate your feedback on the issues before Congress. It helps me see different sides of an argument and informs my opinion on the matters before us. That is why I am asking for your input on this "compromise" with Republicans. If you would like to pass along your thoughts, feel to call my district office at 617-621-6208 or email me at capuano.house.gov. I look forward to hearing from you.