Ms. HANABUSA. Mr. Speaker, both sides agree on one thing: that we must reduce taxes on the group of Americans that fuels our economy. We disagree as to who this group is. Republicans believe that it is the wealthy 2 percent. Democrats believe that it is the 98 percent--the middle class--that fuels our economy.
The bottom line is: Do you believe that the economy is going to be revived top down? But really, it isn't. Rather, it's going to be a strong and secure middle class.
Today, the White House released some figures.
For Hawaii, my State, 500,000 families qualify as middle class. Do you know what it means? If we extend the middle class tax credits and tax breaks, it will mean $1,600 more per family per year. More importantly, what does it mean for the super wealthy? If we let those tax breaks expire, like they should, we will be able to reduce the deficit by about $1.16 trillion in 10 years.
This is a no-brainer. Extend the middle class tax credits for those who really fuel our economy, and expire the Bush tax cuts.