INOUYE OPPOSES "TRIFECTA" MINIMUM WAGE/ESTATE TAX/TAX EXTENDERS BILL
Thursday, August 3, 2006
Washington, D.C. - U.S. Senator Daniel K. Inouye voted "no" on a Motion to Invoke Cloture to limit debate on a Motion to Proceed to consideration of a three-part bill, which includes a minimum wage increase, estate tax reduction and extends expiring tax credits. Senate Majority Leader Frist failed to secure the 60 votes necessary to proceed. The vote was 56 - 42.
Senator Inouye stated, "At a time when we in the Congress are struggling to provide adequate funding to support basic education, health care, and affordable housing programs; at a time when our nation's taxpayers are being called upon to continue to support the ever escalating cost of war in Iraq, I could not in good conscience agree to an estate tax cut for the very wealthy at a cost of about $267.5 billion over six years, beginning in 2010. I realize that family businesses and family estates in Hawaii will be impacted by this vote; however, the provisions of the 2001 Tax Relief Act will remain in place until 2010, providing additional time for meaningful debate of the issue.
"Additionally, I found it disingenuous to attach the minimum wage increase - $2.10 over a three year period - using it as a carrot to aid the wealthiest in our land. Of course, we want to provide our working families with a living wage. Of course, we want to support our middle class by extending some very popular tax credits. However, holding the poor and middle class as hostages for a Republican promise to provide relief to the wealthy was just not right."