Nancy Pelosi Rejects Extending Bush Tax Cuts for Wealthy
Patricia Murphy
Capitol Hill Bureau Chief
Posted:
07/22/10
House Speaker Nancy Pelosi left no doubt Thursday that she is not interested in extending the Bush-era income tax cuts for high earners -- now set to expire at the end of the year.
"I believe the high-end tax cuts did not create any jobs, increased the deficit and should be repealed," she said.
If Congress does not act to prevent the expiration, which President Bush wrote into the law when he signed the cuts in 2001 and 2003, the marginal rate for people making between $250,000 and $375,000 per year will grow from 33 percent to 36 percent, and those earning more than $375,000 will increase from 35 percent to 39.5 percent. The speaker has consistently opposed extending the Bush tax cuts for those Americans, but has said she wants to continue tax cuts for middle- and low-income workers.
When asked Thursday if the House leadership would consider a bill to extend all of the Bush tax cuts, as Republicans and some Democrats have advocated, she said, "No. No. Our position has been that we support middle-income tax cuts. The tax cuts at the high end have increased the deficit enormously."
She criticized Republicans generally and President Bush specifically for adding to the federal deficit with increased federal spending and tax cuts for the wealthiest Americans.
"We're not going back," she said.
"I believe the high-end tax cuts did not create any jobs, increased the deficit and should be repealed," she said.
If Congress does not act to prevent the expiration, which President Bush wrote into the law when he signed the cuts in 2001 and 2003, the marginal rate for people making between $250,000 and $375,000 per year will grow from 33 percent to 36 percent, and those earning more than $375,000 will increase from 35 percent to 39.5 percent. The speaker has consistently opposed extending the Bush tax cuts for those Americans, but has said she wants to continue tax cuts for middle- and low-income workers.
When asked Thursday if the House leadership would consider a bill to extend all of the Bush tax cuts, as Republicans and some Democrats have advocated, she said, "No. No. Our position has been that we support middle-income tax cuts. The tax cuts at the high end have increased the deficit enormously."
She criticized Republicans generally and President Bush specifically for adding to the federal deficit with increased federal spending and tax cuts for the wealthiest Americans.
"We're not going back," she said.