Pelosi Endorses Obama Tax Hike
Speaker Indicates She Plans to Raise Taxes in the Midst of a Struggling Economy, but Which Dems Will Follow?
President Obama: “Small Businesses Are the Backbone of the American Economy”
“Our nation’s small businesses are the backbone of the American economy and the main drivers of private job creation, and today’s approval of our Small Business Lending Fund and State Small Business Credit Initiative marks a new and significant step toward getting small businesses the financing they need to start up, expand, and hire more workers.” (“Statement by President Obama on House Passage of the Small Business Lending Fund and Small Business Credit Initiative,” whitehouse.gov, 06/17/10)
Credibility Crash: Speaker Pelosi Clears the Way for Devastating Tax-Hikes on Small Businesses
House Speaker Nancy Pelosi predicted Thursday that tax cuts for middle class Americans would be extended by Congress.
Pelosi told her weekly news conference that she supports President Obama’s proposal to maintain the reduced tax rates for people earning $250,000 a year or less, while allowing the Bush-era tax cuts to expire for those who make more.
Thirty-one House Democrats, most of whom face tough re-election bids this fall, have signed a letter to Pelosi and House Majority Leader Steny Hoyer urging them to extend expiring tax breaks for all income levels, including the wealthy.
However, Pelosi said the Obama plan makes the most sense.
“The only thing I can tell you is that the tax cuts for the middle class will be extended in this Congress,” Pelosi said.
Republicans also say the tax cuts, introduced by President George W. Bush in 2001, should be kept in place for everyone.
With the midterm elections less than two months away, Democratic leaders have not yet decided whether they will schedule a vote on the legislation before voters go to the polls.
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However, in an Ipsos/Reuters poll also conducted last month, 49 percent said tax cuts for all should be extended, while 31 percent said they should expire for the wealthiest Americans and 15 percent called for an end to the tax cuts for everyone. (Dierdre Walsh, “Some Democrats break with leaders on tax cuts.” CNN, 9/16/2010)
Pelosi endorses Obama tax-hike on small businesses http://bit.ly/cQtuCG #nrcc #gop