Rep. Anna G. Eshoo (D-Palo Alto) voted today against the recently negotiated tax cut package by the President and Republicans. H.R. 4853, the Middle Class Tax Relief Act of 2010, would extend all of the Bush tax cuts for two years, including for the wealthiest Americans, and add nearly a trillion dollars to the deficit. Rep. Eshoo released the following statement about the bill:
"I'm deeply disappointed in the recently negotiated tax deal by the White House. While one can find items that are politically and practically attractive--in its totality it borrows just shy of one trillion dollars to pay for, amongst other items, expiring tax breaks for the top two percent of our country.
"My fear is that the 2001-2003 Bush tax cuts will become permanent, and our fiscal future will dim as America struggles with the largest transfer of wealth and debt creation in its history. We should instead be investing in capital formation, technological innovation, job creation, and education the building blocks for a strong future for all Americans.
"I'm also deeply concerned about borrowing from the General Fund to cover the reduction of payroll taxes. I believe this is a dangerous precedent for the Social Security system itself, and one we will come to regret.
"So, for over 900 billion reasons, I oppose this bill."
H.R. 4853 passed the House by a vote of 277- 148.