Today, in advance of next week's likely votes on extending the Bush tax cuts, Kathy Hochul called on her opponent Chris Collins to support plans to extend tax cuts for those making less than $500,000, while requiring the wealthiest two percent of Americans to pay their fair share.
"Republicans and Democrats agree that it's vital that we keep middle class taxes low," said Representative Kathy Hochul. "Instead of advocating for tax cuts for the super-rich that would add $1 trillion to the deficit, Mr. Collins should join me in supporting a plan to extend the middle class tax cuts. This plan would protect small businesses and ensure that millionaires and billionaires are paying their fair share."
Hochul has been a vocal advocate for a bi-partisan effort to extend the middle class tax cuts, while also addressing the nation's growing debt crisis. To that end, Rep. Hochul has worked with Republicans and Democrats to make responsible spending cuts while returning tax rates to 2001 levels for those making more than $500,000.
In her first year in office, Rep. Hochul was the only Democrat from New York to support the Balanced Budget Amendment, and she supported a bi-partisan bill to cut $2.4 trillion in deficit spending. In addition, Hochul has consistently voted to cut aid to foreign countries like Pakistan, and to end subsidies to corporations that ship jobs overseas. She has also supported efforts to eliminate duplicative and wasteful government programs.
"Only by working together with Democrats and Republicans to eliminate tax cuts for the wealthiest Americans and to cut government spending will we balance the budget, protect our seniors and the middle class families, and strengthen our economy," said Hochul.
Chris Collins supports tax cuts for the wealthiest Americans. According to a Collins campaign press release, "Collins supports a full extension of the tax cuts." [Collins Press Release, 7/9/2012]
Chris Collins' plan to extend tax cuts across the board would add nearly $1 trillion to the deficit and benefit only the richest Americans. According to the non-partisan Center for Budget and Policy Priorities, "Extending the tax cuts on incomes in excess of $250,000 would add nearly $1 trillion to deficits over 2013 to 2022, but benefit only about the highest-income 2 percent of households." They also noted "more than 80 percent of the value of the upper-income tax cuts would go to people who make more than $1 million a year." [Center for Budget and Policy Priorities, 7/19/2012]
One of the first things Chris Collins did as County Executive: fight for the second biggest property tax hike in a decade and say it was a "small price to pay" for a balanced budget. According to the Buffalo News, "Collins' budget would lift the total amount of property taxes needed for county purposes in 2009 by 8 percent, or nearly $16 million. It would be the decade's second-largest increase." In that same article Collins himself noted, ""I expect that the public will realize that this is a small price to pay to have a balanced budget in these economic times.'" [Buffalo News, 10/14/2008]
Kathy Hochul split with her party and the President to vote for a package of small business tax cuts. Hochul was one of 18 Democrats to cross the aisle and vote for a $46 billion tax cut for small businesses. ABC News said of the vote, "the House of Representatives voted today to pass a $46 billion small business tax cut that Republicans hope will lead to economic growth by enabling entrepreneurs to deduct 20 percent of their income." [ABC News, 4/19/2012; Roll Call Vote 177, 4/19/2012]