Congressman Cuellar Backs Middle Class Tax Cut Framework

U.S. Congressman Henry Cuellar
28th Congressional District, Texas

CUELLAR STATEMENT ON TAX CUT EXTENSIONS

WASHINGTON D.C.– Today, Congressman Henry Cuellar (TX-28) issued the following statement in support of President Obama’s framework agreement on taxes:
 
“Members of Congress across the political spectrum should agree to temporarily extend the tax cuts for every single American. Raising taxes would be an inappropriate burden for hardworking American families as we climb our way out of a deep recession, and would endanger our fragile economic growth.  
 
“Indeed, in the midst of our budding economic recovery, a substantial tax increase would discourage business investment and job creation, reduce consumer confidence and increase market uncertainty.  
 
“However, an extension would help generate economic growth by making available to job-creating small businesses the capital to expand and invest in new ventures.  CBO estimates suggest that extending the Bush era tax cuts for all Americans could reduce unemployment to below 9% and generate economic growth of 0.6 to 1.7 % of GDP.  
 
“In light of the nation’s long term fiscal challenges, we must carefully balance efforts for growth with concerns regarding deficit reduction, but no reassessment should take place until the economy significantly improves. Congress must work together to find bipartisan ways to reduce our debt and create the growth that is essential to America’s future.”