Congressman Peters Backs Middle Class Tax Cut Framework

OMPROMISE TAX-CUT DEAL NECESSARY TO PROTECT MIDDLE CLASS, UNEMPLOYED

Move necessary to help jumpstart economy, support job creation

Washington, D.C. –Representative Gary Peters today issued the following statement regarding the compromise tax-cut deal being forged by President Obama and Congressional Republicans.

"The tax-cut deal announced yesterday by the President is consistent with what I have said a final tax package should do, which is protect middle class families from a tax increase, extend unemployment benefits to those who are out of work, and provide incentives for businesses to create jobs.  It also is a hopeful sign that it will be possible for Democrats and Republicans to work together to find bipartisan solutions.”

Congressman Peters had previously advocated for a permanent extension of tax-cuts for the middle class and only a temporary one-year extension of tax breaks for upper income earners that would be fully paid for under PAYGO.  In September of 2009, Peters was joined by 31 of his colleagues who supported this approach in a letter to House Leadership which can be found here (peters.house.gov/uploads/PelosiHoyer_Marginal%20Tax%20Rates%20Extension_091510.pdf) .   This position was reiterated in a letter to House Speaker Nancy Pelosi on December 2nd which can be found here (peters.house.gov/uploads/Tax%20Cut%20Extension%20Letter%20to%20Speaker%2012-02-10.pdf) .

While the framework announced by the President is not Rep. Peters’ preferred approach, he believes that compromise is necessary and that middle class families and those hurting in a down economy must come ahead of partisan brinkmanship.