Friday, May 12, 2006

 

Senator Voinovich Gets It Right

Ohio Senator George Voinovich was one of only three Senate Republicans to oppose H.R. 4297, the Tax Relief Act of 2005.

The legislation is tilted towards the wealthy and adds $70 billion to the nation's every growing deficit. Middle-income households would get an average tax cut of just $20 from the agreement, according to preliminary estimates by the Urban Institute-Brookings Institution Tax Policy Center, while the 0.2 percent of households with incomes over $1 million would get average tax cuts of $43,000, and the top 0.1 percent of households (whose incomes exceed $1.6 million) would get average tax cuts of $84,000.

Senator Voinovich said he opposed the tax cuts for three reasons, "we do not need them right now; we cannot afford them right now; and we should be working on fundamental tax reform rather than tinkering with piecemeal tax cuts." He added "I am thinking not only about our generation, but also the generations of our children and grandchildren and the legacy we leave them."

The federal deficit has grown at an alarming rate since President Bush took office in 2001. This latest legislation will just add to the sea of red ink are country is swimming in.

This page is powered by Blogger. Isn't yours?