Congresswoman Anna Eshoo, D-Menlo Park, is not happy about a White House tax proposal, crafted with Congressional Republicans, that would, contrary to President Obama's campaign promise, extend current tax breaks for individuals who earn more than $250,000 per year.
Noting that the bill increases the deficit by nearly $1 trillion, Ms. Eshoo said in a statement that she opposes the bill "for 900 billion reasons."
"While one can find items that are politically and practically attractive, in its totality it borrows just shy of one trillion dollars to pay for, amongst other items, expiring tax breaks for the top two percent (income bracket) of our country," she said.
"My fear is that the 2001-2003 Bush tax cuts will become permanent, and our fiscal future will dim as America struggles with the largest transfer of wealth and debt creation in its history," she continued. "We should instead be investing in capital formation, technological innovation, job creation and education -- the building blocks for a strong future for all Americans."
The package would also extend benefits for the long-term unemployed for 13 more months and cuts the estate tax, which resumes in 2011, from 55 percent on estates valued at $1 million or more to 35 percent on estates valued at $5 million or more.
The Almanac has yet to hear back from the offices of Senators Barbara Boxer and Dianne Feinstein on this topic.