Today, Congressman John Yarmuth (KY-3) issued the following statement after voting against the extension of Bush-era tax cuts for the wealthiest Americans:
"The long-term costs of this bill are far more damaging to our nation than the short-term gains. Borrowing money to give tax cuts to the rich -- tax cuts that are more than most families make in a year -- is unconscionable. Economics shows this is a dead-end. History proves it would be disastrous. And basic morality dictates that our priorities should focus on making our economy work for everyone -- not just the wealthy few."
Two provisions of the proposal before the House are estimated to cost $114 billion, but would benefit only the wealthiest Americans. Tax cuts for the highest-income earners cost $91 billion over two years while a modification of the estate tax that would create new exemptions for just 6,600 of the wealthiest American families comes at a cost of $23 billion. All the costs of the bill are not paid for in the legislation.