President Obama’s Tax Proposal
The tax proposal announced by the President clearly presents the differences between Democrats and Republicans. Any provision must be judged by two criteria: does it create jobs to grow our economy and does it add to the deficit?
The Democratic provisions will create jobs and help 155 million workers through tax cuts for the middle class, helping working families who are struggling and growing the economy.
The Republican demands would provide tax cuts to the millionaires and billionaires, fail to create jobs and increase the deficit. And to add insult to injury, the Republican estate tax proposal would help only 39,000 of America’s richest families, while adding about $25 billion more to the deficit.
Republicans have held the middle class hostage for provisions that benefit only the wealthiest 3 percent, do not create jobs, and add tens of billions of dollars to the deficit.
We will continue discussions with the President and our Caucus in the days ahead. Democratic priorities remain clear: to provide a tax cut for working families, to promote policies that produce jobs and economic growth, and to assist millions of our fellow Americans who have lost their jobs through no fault of their own.