“I’d gladly pay you Tuesday for a hamburger today,"
J. Wellington Wimpy
In the very same week that the U.S. national debt reached an astonishing $9 trillion, House Republicans chose reckless deficit spending over a fiscally sound bill that would deliver tax relief to 23 million Americans.
H.R. 3996, the Temporary Tax Relief Act of 2007, is a balanced tax plan that provides immediate assistance to millions without saddling future generations of Americans with debt.
Specifically, the bill provides:
• AMT relief for 23 million Americans
• Property tax relief for 30 million
• Help for more than 12 million children through an expanded child tax credit
• Tax relief for more than 11 million families through State and local sales tax deductions
• Help for more than 4.5 million families by covering the cost of education through the tuition deduction
• Relief for more than 3.5 million teachers who would be reimbursed for out-of-pocket expenses for their classrooms
Republicans oppose this middle-class tax relief because it is paid for by eliminating an unfair loophole that has allowed multi-millionaire money managers to pay a lower tax rate on their compensation than firefighters, nurses and teachers.
Instead House Republicans want to borrow against the future earnings of the children and grandchildren of these firefighters, nurses and teachers to keep the loophole open for multi-millionaire money managers. That’s just not fair.
The GOP`s fiscally irresponsible policies risk bankrupting America. The Bush Administration and prior Republican congresses
Higher levels of debt strain the budget causing interest payments to squeeze out other priorities and force higher taxes. Republican policies only increase this risk.
The choice is clear “borrow and spend" or pay-as-you-go?
**
