Will Bring Necessary Tax Relief to Hardworking Families Across America
Congressman Gregory W. Meeks (NY-6), Senior Member of the House Foreign Affairs Committee, Financial Services Committee and Chairman of the Subcommittee on International Monetary Policy and Trade, released the following statement in support of President Obama's plan for tax cuts:
"I have always vehemently supported several elements of the President's tax relief framework, including the thirteen-month extension of indispensable unemployment insurance aid to millions of families who rely on those benefits to make ends meet. I firmly believe the Obama Tax Cuts will fuel growth by reducing uncertainty for small businesses, while the pay roll tax relief will increase the amount of disposable income in the hands of every working American. That enormous benefit to our economy cannot be underestimated.
"This is a compromise, and the nature of negotiations inevitably yields results both sides will disagree with. Though I have reservations about the impact on the deficit resulting from a tax cut for millionaires and an estate tax package that is overly generous, taken as a whole, I believe this deal will have a strong, stimulative effect on the economy.
"My constituents are hurting. My district in Southern Queens has a 15% unemployment rate -- over 20%, when including underemployment -- which is much higher than the national average, and people at home are struggling to put food on the table and pay their mortgages. The deal the President has reached will provide essential relief to my constituents. That is why I intend to support the President's compromise on extending tax cuts for every American family."