Congressman Chaka Fattah (D-PA), Pennsylvania's senior member on the House Appropriations Committee and a member of the Progressive Caucus, this morning on C-SPAN's "Washington Journal" endorsed the proposal by Senator Mark Warner (D-VA) for the expiring Bush tax credits. Congressman Fattah issues the following statement:
"Senator Mark Warner has put forth a job-creating compromise for the tax-cut debate raging in Washington: directing extra revenue on incomes above $250,000 specifically toward job creator tax credits for small businesses. I support the Warner Plan wholeheartedly and will fight for it in the House.
"I endorse the President's commitment to extend the tax rates now in effect for middle class Americans -- the cuts that are due to expire next month. In fact, this will maintain the current rate on all income up to $250,000 for everyone. This measure would build on the middle class tax cuts included in the 2009 Recovery Act -- which pumped needed billions into our economy.
"I draw the line, however, at extending tax cuts for millionaires and billionaires. Stuffing more cash in the pockets of the rich won't create jobs, it will buy yachts and fatten tax shelters. Let's eliminate the middle man and invest those revenues in smart growth. That means investing in the great economic engine of small business. The Warner Plan, with its package of focused tax credits, accomplishes that goal."