WASHINGTON - Ways and Means Committee Ranking Member Sander Levin (D-MI) today delivered the following statement at the Rules Committee hearing on Speaker Boehner’s so called “plan B" legislation:
“This bill has been called Plan B where the b stands for backwards. Moving forward with this bill is a recipe for disaster. It only moves us closer to the cliff and closer to going over the edge. The speaker’s plan results in a tax cut of about $50,000 for those making over one million dollars per year. It means not only a loss of revenue but also unfairness in the tax code. This bill ends the improvements in three tax provisions that affect 25 million households in this country; the education tax credits, the child tax credit, and the earned income tax credit.
“Astonishingly, the Republican legislation remains silent on an extension of unemployment insurance where, as of Dec. 29, two million people would lose their federal benefits if Congress does not act. It is silent on the so called ‘doc fix’ without which it will be harder for beneficiaries on Medicare to keep their doctor. It is also silent on important business provisions such as the research and development tax credit.
“Which begs the question what's the purpose for this bill? I think this is an effort to duck the difficult issues without facing up to the need for a balance of tax increases and spending cuts. House Republicans are playing with fire. We're 12 days away from the end of the year and the speaker’s plan only brings us one step closer to going over the edge. It's a serious mistake."
