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Congresswoman Janice Hahn"Cutting taxes on the wealthy fails to create jobs"
Washington, D.C.--This afternoon, Congresswoman Janice Hahn voted no on a Republican bill that would give huge tax breaks to millionaires, billionaires and special interests, increase the deficit and fail to create jobs.
"Cutting taxes for the wealthy in the hopes that they will create jobs has failed time and again," said Rep. Hahn. "I had hoped my Republican friends would have learned from history and listened to the American people, who strongly oppose this legislation. To grow our economy and create jobs we need to focus on investing in transportation, infrastructure and education, the same investments that result in jobs now and lay the foundation for long-term growth."
Even Republican policy experts have resoundingly denounced this legislation. Former Economic Advisor to President Reagan Bruce Bartlett said, "The Republican tax plan will do nothing whatsoever to increase employment. It is nothing more than an election year give-away to a favored Republican constituency and should not be taken seriously."
H.R. 9 would:
• add $46 billion to the deficit while having an impact on jobs and the economy "so small as to be incalculable" [Joint Committee on Taxation];
• benefit hedge fund managers, lobbyists, big corporations and the wealthy;
• even be available for businesses like pornography and massage parlors;
• give nearly half of the tax cut to people with annual incomes over $1 million" [New York Times];
• hand another tax cut to our nation's highest earners--delivering an average tax cut of $58,800 to 125,000 millionaires;
• not help struggling businesses who would see no benefit.
Congresswoman Janice Hahn is a Representative of the 36th California Congressional District.