Today, Rep. Adam Schiff (D-Burbank) joined his colleagues in calling on the House to extend the Bush-era tax cuts for the overwhelming majority of Americans and small businesses. This week, he co-sponsored H.R. 15 which would extend tax cuts for all Americans on income up to $250,000, an identical measure to the one that passed the Senate last week, and released the following statement:
"There is strong bipartisan agreement that the Bush-era tax cuts should be extended for income up to $250,000. Although there is disagreement beyond that point, it is important to recognize that even very wealthy families would receive a tax cut under this proposal on the first $250,000 of their income. The bill passed by the Senate, and introduced in the House earlier this week in the House, would also ensure that 98 percent of Americans and 97 percent of small businesses continue to receive these tax cuts.
"Under this proposal, even millionaires would receive tax cuts of over $10,000. But in this time of deficit and debt, we simply cannot afford to provide additional tax cuts on income above $250,000. Doing so would add almost $1 trillion to the deficit over 10 years, at a time when we can least afford it."