Congress adjourned last night without taking action on a proposal to revive a series of Bush-era tax cuts. Iowa Senator Tom Harkin, a Democrat, says that issue will now be on hold until after the November elections.
“This is another thing people should consider when they go vote,” Harkin says. “Democrats have said we want to extend the tax cuts only for people of modest means, but for those that are making over $250,000 and above, they should pay their fair share. Republicans are saying, no, no, no. They want to extend the tax cuts even for the gazillionaires.”
Republicans argue many of the higher wage earners run small businesses which are key to creating jobs and helping the nation’s economy recover. Harkin says he strongly disagrees with the GOP’s vow to grant tax cuts to the wealthiest Americans. “We don’t believe they need a tax cut,” Harkin says.
“We think it’s time they pay their fair share. So here’s one good issue in the election about who people are going to vote for. Who do you want representing you when this tax fight takes place?”
House Speaker Nancy Pelosi has vowed the House will extend the income tax cuts to the middle class in the session that opens November 15th. Without action, the tax cuts will sunset December 31st and everyone will face a tax bump when 2011 arrives.