A recent article ("Voinovich to oppose extending tax cuts," Gazette, Dec. 7) noted that my colleague and friend, Sen. George Voinovich, opposes extending all Bush era tax cuts.
While Sen. Voinovich and I serve on different sides of the aisle, we agree that giving extra tax cuts to millionaires and billionaires does not make economic sense with a yawning federal deficit.
I support extending tax cuts for all Americans up to $1 million in earnings. Unfortunately, Republicans voted against two bills on Dec. 4 that would have extended tax cuts for all Americans, but phased the tax cut out for the earnings of the wealthiest two percent of Americans.
Most Republicans voted against these bills because they did not give additional tax cuts at the very highest tax brackets.
But Sen. Voinovich raised another important point: this is a deficit issue. It's completely irresponsible to cave in to multi-millionaires when middle-class Ohioans are struggling to make ends meet.
Passing problems along to the next generation isn't leadership; it's cowardice. By extending Bush era tax cuts to multi-millionaires, we're agreeing to borrow an additional $700 billion from China and handing the tab to our children and grandchildren. And you can be sure that Republicans will come back in 2011 with newfound fiscal discipline and say we must stop investing as much in our children and grandchildren and parents because of the hole they are digging deeper this year.
Talking tough about decreasing the deficit and then giving $100,000 tax cuts to millionaires and billionaires who don't need it is bad economic policy and bad fiscal policy. It wasn't in the best interest of Ohioans a decade ago and it is not in the best interest of middle class families or the American economy today.