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Public Statements

Monroe Journal Editorial Calling for Renewal of Bush Tax Cuts

Floor Speech

By:
Date:
Location: Washington, DC

* Mr. BONNER. Madam Speaker, I wish to submit for the RECORD an editorial published in the September 16th edition of the Monroe Journal in my congressional district, calling for the renewal of the Bush tax cuts of 2001 and 2003.

CONGRESS MUST RENEW BUSH'S TAX BREAKS

In this economic environment it would be ludicrous to even consider not renewing the ``Bush tax breaks'' for everyone, especially so for middle class Americans.

President Barack Obama has said he supports renewing the federal income tax breaks for middle class workers, but he does not support renewing the tax breaks for persons making $250,000 or more annually.

Unfortunately, the problem with not renewing the tax breaks for those who make $250,000 or more is that many of those individuals are small business owners.

We all know that the majority of jobs in America are created by small businesses.

If the tax breaks are not continued for middle class workers, they would see an average increase of $1,500 per individual in their annual federal income tax. And, if the tax breaks are not continued for small business owners, many of those middle class workers could find themselves on the unemployment lines in 2011.

Why not amend the tax law to continue the tax breaks for everyone, who makes less than $250,000 annually and for small business owners, who make no more than $500,000 annually? This would help middle class workers continue to make ends meet and help small businesses with minimum operating capital stay afloat in this shaky economy that is still in a rebound stage.

* Madam Speaker, oftentimes the best ideas come from real America, not just those generated here inside the Washington Beltway. I hope my colleagues will take to heart this urgent plea from the editors and publisher of the Monroe Journal.


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