Mr. COHEN. Madam Speaker, today the House will take up a bill on the Bush tax cuts. The Republicans want to extend the Bush tax cuts to everybody, but tax 25 million Americans by not extending certain credits that they get right now. The Democratic proposal, which I will support and which I'm here for today, despite the fact that my election is tomorrow, will extend tax cuts to everybody and raise taxes somewhat on people who make over $200,000 individual and $250,000 married. Those people still get a tax cut, but just not as much.
Madam Speaker, 93 percent of the income growth in the last decade went to the top 1 percent. That's the people who can afford to pay more taxes. And the fact is, to deal with the deficit, we've got to have both income and cuts to wasteful spending.
Republicans and Democrats have agreed. Economists Paul Krugman and Joseph Stiglitz have called on both revenue and cuts. And so have Martin Feldstein, an adviser to President Reagan, and Hank Paulson, Treasury Secretary to President Bush. So did Simpson-Bowles. They've all said you need both revenue and cuts. That's what President Clinton recommended in 1993, the Democrats supported, and we had a surplus--wasted on Bush tax cuts.
I urge support for middle class tax cuts.