Today Congressman David Wu released the following statement after the U.S. House of Representatives passed major legislation containing various new tax provisions:
"The pending expiration of the Bush tax cuts should have presented an opportunity to negotiate meaningful relief for middle-class families and help the unemployed stay afloat. I was saddened that President Obama ceded the upper hand in this debate, leaving us with too many Republican-backed provisions that benefit only the very rich and do nothing to help working Americans.
"I have listened closely to the president's arguments in favor of his tax cut "compromise' with Republicans. At the same time, my office has heard from thousands of constituents expressing their strong opposition to the proposal.
"While there are parts of the bill I support--including the extension of unemployment benefits and tax cuts for 98 percent of families--I remain unconvinced that middle-class Oregonians are getting a good deal.
"It is unconscionable that budget-busting giveaways to millionaires and billionaires, which do nothing to boost the economy, will now be extended for a longer period than unemployment benefits, which stimulate recovery and keep families out of the cold. Equally troubling is the harm to Social Security that may result from an unprecedented cut to its funding mechanism contained in this legislation.
"This was a difficult vote for those of us who believe in working across the aisle, but refuse to throw middle-class families under the bus in the name of "compromise.' We can and must do better."
The Middle Class Tax Relief Act of 2010, H.R. 4853, was passed by a vote of 277 to 148 and will now be sent to the president's desk for his signature.