Mike Levin: “I cannot support the fiscally irresponsible and unfair tax cut which is before the Senate because it is not what our…”

“I cannot support the fiscally irresponsible and unfair tax cut which is before the Senate because it is not what our country needs. It is ironic that on the same day that a final vote is being taken on this huge tax cut package, the Republican majority also is bringing to the floor legislation that would raise the limit on the national debt by $984 billion, the largest in our Nation's history. This tax cut bill has more deceptions in it than an Enron financial statement. It purports to cost only $350 billion over the next 10 years, but its true costs are masked by multiple 'now you see them, now you don't' gimmicks that will in reality cost up to a trillion dollars over the next 10 years. With deficits of over $300 billion projected for this year and the next, the last thing we need are huge tax cuts that will serve to dig us that much further into the deficit ditch. Future generations deserve better. Furthermore, this approach will be largely ineffective in providing our economy the immediate jumpstart it needs. By giving too much to those who need it the least--the average 2003 tax cut for a millionaire will be about $93,500; the average 2003 tax cut for someone in the middle of the income spectrum will be $217--the bill will be far less effective in stimulating the economy than it would be if the tax cuts were directed to taxpayers of more modest means who would spend the tax cut now.”