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Hoyer: Expiration of Bush Tax Cuts Equals a ‘Republican Tax Increase’ on Middle Class

(CNSNews.com) – House Majority Leader Steny Hoyer (D-Md.) said on Wednesday that the expiration built into the Bush tax cuts is a “Republican tax increase” for “working Americans” and the Democrats have “no intention” of allowing it to go into effect.

“We have no intention of allowing the Republican tax increase — that their policies would lead to — to go into effect for working Americans. Period,” he said. “We’re going to act and make sure that the Republican phase out and increase in taxes does not end as they provided for in the laws they passed.”

HUH?

Hoyer’s press secretary told CNSNews.com in an e-mail that the Democratic Majority Leader was referring to the “middle class” when he said “working Americans.”

Hoyer also said at the press conference, “If we left the Republican policies in place, their [working Americans] taxes would be increased next year. We’re not going to let that happen.”

Hoyer spoke at a “Make It In America” press conference where analysts spoke about ways the federal government could encourage manufacturing in America, particularly for small- and medium-size energy companies.

When asked if allowing the Bush tax cuts to expire could hinder manufacturing in the United States, Hoyer said that raising taxes on upper-income Americans will not hurt the economy.

“The level of taxation on upper-income Americans that was in place in 1994 through 2001 did not inhibit the creation of the most jobs of any administration in my service in Congress,” he said. “It did not inhibit the creation of surpluses in our economy -- did not inhibit the extraordinary growth in the net worth of America in the stock markets.”

“My belief is – and I don’t want to speak for anybody here – but my belief is we want to keep working Americans, with the income they now have, without increasing their taxes – again, if we had left the Republican policies in place – their taxes [middle class] would be increased next year,” said Hoyer. “We’re not going to let that happen.”

He added, “With respect to upper-income folks, we believe that the tax rate at the rate they were paying when our economy was growing very quickly -- and they were doing very well -- will not in any way harm the economy.”

According to the Associated Press, Senate Finance Committee Democrats proposed last week to allow the Bush tax cuts for the “wealthy to expire next year while permanently extending the middle-class tax cuts.”

UPI reported that House Speaker Nancy Pelosi (D-Calif.) has said that House Democrats plan to extend the Bush tax cuts for the middle class but not for the wealthy.

The Wall Street Journal reported that the Obama administration is currently encouraging Congress to continue the Bush tax cuts for individuals making under $250,000 a year and to raise taxes on those with income above that amount.

By Nicholas Ballasy


Click to view image: '26e66693ebfc-stenyhoyer.jpg'

Added: Jul-30-2010 
By: boomersooner
In:
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Tags: Steny, Hoyer, Bush, Tax, Cuts, Republican, Tax, Increase
Marked as: approved
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  • These will all expire on January 1, 2011:

    Personal income tax rates will rise. The top income tax rate will rise from
    35 to 39.6 percent (this is also the rate at which two-thirds of small
    business profits are taxed). The lowest rate will rise from 10 to 15
    percent. All the rates in between will also rise. Itemized deductions and
    personal exemptions will again phase out, which has the same mathematical
    effect as higher marginal tax rates. The full list of marginal rate hikes
    More..

    Posted Jul-30-2010 By 

    (6)

    • Which is exactly why Steny Hoyer's statements about the "republican tax increase" is so hypocritical.

      I have noticed in the past that Dems in congress like to TALK about raising taxes on the rich, but they, being rich and having lots of rich friends, don't seem terribly prone to actually DOING it.

      On the other hand, if they DO extend the Bush tax cuts for the middle class and raise taxes on the rich, their will be plenty of self-congratulations and self-praise for the cameras a More..

      Posted Jul-30-2010 By 

      (3)

    • Excellent work there boomer. This negligence of the American psyche will reap its own rewards. The feds cannot continue to screw the real Americans ad infinitum. Sooner or later, and I am betting on sooner, the sh.t really will hit the fan. Welcome to the revolution.

      Posted Jul-30-2010 By 

      (5)

    • Great question: In 2004 Employer-provided insurance covered 64 percent of individuals age 65 or under. Not sure what today's figure's are???? Not as many employers/employees which leads to this.




      EMPLOYMENT MAP

      Very sobering and enlightening. Somebody spent a lot of time breaking this down by every county in the country.

      Review this Unemployment map of the United States . This is hard to believe! I had to review this map a couple of times to grasp the enormity of it. Display More..

      Posted Jul-30-2010 By 

      (2)

    • thx...

      Posted Jul-31-2010 By 

      (1)

  • Allow me to translate idiot-politicianese..

    What he is saying is that the government has been spending money hand over fist with no concern on how much they were spending because it was a foregone conclusion that taxes were going to be raised. Now that they have spent all the money and have acted irresponsible they cannot extend these tax cuts for the top earners or else they would have to make up that revenue somewhere else - that somewhere else being the middle class. But don't start slappi More..

    Posted Jul-30-2010 By 

    (6)

  • Clean out your desk, Steny.

    Posted Jul-30-2010 By 

    (3)

  • Looks like he got a hold of some bad weed.

    Posted Jul-30-2010 By 

    (2)

  • Hmnn, I wonder why the tax cuts had a time limit on them in the first place. Anyone want to take a guess?

    Posted Jul-30-2010 By 

    (1)

  • I look at it this way... the Bush tax cuts were meant to allow the rich to save money to create jobs... well they arent doing that and havent in a very long time.. time to tax them.. if they start creating jobs then give it to them again... in fact any company they creates jobs gets a tax break. the more jobs they create the bigger break they get... if ya outsource jobs to other countrys, you lose your tax break and your tax rate is raised

    Posted Jul-30-2010 By 

    (1)

  • Youll start to see a lot of 2nd and 3rd generation family owned businesses sold or chopped up, liquidated, and a lot of jobs lost.....in anticipation of the 45% death tax.

    Weve had one fold in my town, it was one of the top 100 places to work in the country. about 1/5 of the workers were bought out or renegotiated their contracts. There will be a mad dash to liquidate good companies in order to set up tax-free trusts.

    Posted Jul-31-2010 By 

    (1)

  • Democrat scum.

    Posted Jul-30-2010 By 

    (0)

  • Typical dumbocrate, blame Bush.

    Posted Jul-30-2010 By 

    (0)

  • was that in your briefing this morning?

    Posted Jul-30-2010 By 

    (-1)

  • Somebody needs to pay for all the Pentagon's worldly adventures...
    Tax, tax, tax...then bomb,bomb, bomb....

    If you like the 'bomb, bomb, bomb...' don't whine about 'tax, tax,tax'...

    Get to work you lazy bastard, the Military Industrial Complex needs your cash....



    .

    Posted Jul-30-2010 By 

    (-1)