Democrats Mourn More Republican Tax Breaks for Millionaires, Oil Companies
The vote was 54 to 44, and was generally split along party lines. Three Republicans ...Senators Olympia Snowe of Maine, George Voinovich of Ohio and Lincoln Chafee of Rhode Island ... voted against the bill. Three Democrats .... Senators Bill Nelson of Florida, Ben Nelson of Nebraska and Mark Pryor of Arkansas .... voted for the bill. The two senators who abstained were Arlen Specter (R-PA) and Jay Rockefeller (D-WV).)
Many Democratic senators (interestingly, mostly centrists and moderates) were passionately articulate on the unfairness of this tax bill to middle-class Americans, and on the immorality and irresponsibility of granting more rich breaks to oil companies and millionaires, especially during this time of record trade and budget deficits.
Here are Democratic senators thoughts on newly passed HR 4297, Tax Relief Act of 2005:
Senator Hillary Rodham Clinton (D-NY): "The Tax Reconciliation bill in its total represents a fiscally unsound and unbalanced package that will mostly benefit the wealthiest Americans. Indeed, under this bill, the average millionaire will receive an additional $42,000 tax cut while middle income Americans will see an average of $20."
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Senate Democratic Leader Harry Reid (D-NV): "“Bush’s tax plan offers next to nothing to average Americans while giving away the store to multi-millionaires. The tax reconciliation bill giveaway on capital gains and dividends will do much more for ExxonMobil board members than it will do for ExxonMobil customers."
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From a press release by Senator Maria Cantwell (D-WA): "U.S. Senator Maria Cantwell highlighted her objections to a Republican tax plan that continues tax breaks for big oil companies while eliminating tax cuts and credits for middle class families, students, teachers, retirement savings, and research and development....
Many of these important deductions and credits were included in legislation passed earlier this year by the Senate, but were removed by Republicans working out differences between House and Senate versions of the bill.
'The oil and gas industry does not need more giveaways...,” said Cantwell."
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Senator Dianne Feinstein (D-CA): " ...I don't think any single bill or issue more delineates the difference between the Democratic and Republican Parties today than this bill and the issues it contains....
I believe this conference report reflects misplaced priorities. It exacerbates an already serious deficit. It certainly exacerbates the national debt. And most importantly, it is certainly not equitable.
At a time when most American families are struggling to meet the rising cost of living, we should be taking constructive steps to provide targeted tax relief to those who need it most. We are not doing that.
You would think this package of tax cuts might take steps to alleviate some of the financial strain. Instead, the bill offers no benefit to middle-class and low-income households. These provisions have been removed in favor of billions of dollars of additional tax cuts for the wealthiest Americans. "
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Read more about the Tax Increase Prevention and Reconciliation Act of 2005 at About.com's US Tax Planning site,written by William Perez.
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Comments
Contrary to your story, Sen. Olympia Snowe of Maine was NOT the only Republican to vote against this budget bill. Chaffee of Rhode Island and Voinovich of Ohio also voted against this bill.
Also, Sen. Snowe’s reasoning for her opposition was curious. She was quoted as saying that “This is not the time to be widening the income gap in America.” So, bad timing, not bad fiscal policy, was why Sen. Olympia Snowe voted the way she did. Contrast that with remarks of another member of the Maine delegation, Congressman Tom Allen, who said “The Republicans are drunk on tax cuts for the rich. This is fiscally insane.”
The bad timing for Snowe could well be that she is up for reelection this year. I may well be her Democratic opponent (Maine’s primary is June 13). Her reasoning for this vote, coupled with her opposition to an increase in the $5.15 federal minimum wage last fall, displays the typical pro-rich, anti-poor Republican mentality that is destroying this country. Sen. Snowe is not the moderate she is purported to be.
Jean Hay Bright, Dixmont, Maine, Democrat for U.S. Senate
Ms. Bright:
Thank you for the correction. Not sure how I missed those other two Republican senators.
And thank you for your comment here. Best of luck in your campaign. Regardless of how moderate any Republican senator, such as Olympia Snowe, may be, the American people desperately need a Democratic majority in the Senate.
Voters should not be fooled by an occasional “moderate” vote into thinking that any Republican senator embraces progressive ideas.
America needs a lot less people like you and a lot more people like Amy Hess.
You are all swine, wallowing at the trough of power at the expense of the middle and lower classes! Hypocrites!
Propose a sound plan to allow large companies, the ones that employee US citizens, to enjoy breaks on taxation that allow them to stay in business, employ US citizens, and keep their products affordable to the consumers.
Tax breaks go to the wealthy as an incentive to keep them here employing Americans. Tax breaks to the poor and increases to the wealthy would result in higher product costs and an ever increasing minimum wage so the tax free poor could never keep up their good little consumer ways!
Eventually, wages Zouth of the border and overseas are too attractive to ignore and another US manufacturer or other large business is outta here. Tax breaks are nice for the poor, I’d rather have a job!