Democrat Congresswoman Carolyn McCarthy spoke with a loud voice last night as she told Nassau's Middle Class families to drop dead. McCarthy voted against extending federal tax cuts that are set to expire on January 1, 2013. (Source: Roll Call Vote 545, August 1, 2012)
"Carolyn McCarthy told every middle class neighbor to "drop dead' last night when she voted against extending the federal tax cuts, just as our neighbors were sitting down for dinner," said Legislator Fran Becker (R-Lynbrook), Republican candidate for Congress in New York's Fourth Congressional District, equating his opponent's vote against the extension of tax cuts to the infamous 1975 Daily News headline.
With her vote last night in Congress, McCarthy threatened a Long Island family of four earning $50,000 a year with a $2,200 tax increase each year (an increase of 5 times the amount of current tax liability). (Source: National Economic Council, Analysis of Democrat Economic Proposal, July 2012) Carolyn McCarthy's support of the Democrat substitute plan -- which overwhelming failed in the House last night -- would impose high taxes on 53% of small business income. (Source: US Senate Committee on Finance Press Release, June 19, 2012)
"Carolyn McCarthy's failed economic record has put our country and community between a rock and a hard place. It's time to put politics aside. Raising taxes in the middle of the worst nation economy since the Great Depression shouldn't be an option while 7.5% of Nassau's men and women are out of work -- a number that keeps rising thanks to her economic incompetence. My opponent put that on display again last night and, in the middle of her weak economy, voted to stick residents with the largest tax increase in American history," said Becker.
The economic impact of these potential tax increases would have a devastating effect on the economy. According to the Joint Committee on Taxation, a one-year extension of these low-tax policies -- including an AMT patch through 2013 -- would prevent a $384 billion tax increase. Extending these policies on a permanent basis -- or, as Republicans have called for, enacting comprehensive tax reform consistent with historical revenue levels -- would prevent a tax increase of more than $4 trillion over the next decade.
In light of the continuing string of dismal economic data and jobs reports, prominent Democrats -- such as former President Bill Clinton, former Obama economic advisor Larry Summers, and US Senate Budget Committee Chairman Kent Conrad (D-ND) -- are joining the growing bipartisan chorus calling for an extension of these policies for all taxpayers. (Sources: CNBC.com, "US Already in Recession,' Extend Tax Cuts: Bill Clinton, 6/5/2012; The Wall Street Journal, Summers Says U.S. Needs to Avoid Slowdown, 6/6/2012; POLITICO, Secret Talks Under Way About "Fiscal Cliff,' 6/6/2012)
The question is: why isn't Carolyn McCarthy?
Said Becker: "It's not surprising that Carolyn McCarthy is so out-of-touch that she again ignores pleas of middle class families, small businesses, retirees and prominent members of her own political party. McCarthy's vote last night to move forward with a $4 trillion tax increase and over 700,000 layoffs proves she's lost touch with Nassau County's families."