Charles Rangel: “This giveaway to the wealthiest taxpayers will not create jobs, nor will it reduce the highest rate of unemployment in a…”

“This giveaway to the wealthiest taxpayers will not create jobs, nor will it reduce the highest rate of unemployment in a decade. It will not provide our stagnant economy with any stimulus. For the taxpayer, it will not reduce their tax liability. In fact, State taxes and property taxes are increasing because of this reckless plan. Today, States are in the midst of the worst fiscal crisis in 60 years trying to close a budget shortfall of $100 billion. States have been forced to not only increase taxes but release prisoners, shut down libraries, and cut back health benefits. In my State of Connecticut, Governor John Rowland, a Republican, has already approved an increase in the State's income tax rate. Passage of this tax cut means cutting education by $9 billion to give a tax cut to those who earn over $375,000. It means cutting Social Security to pay for a tax cut for those who earn over $375,000. Under this plan, households with incomes of over $1 million receive an average tax cut of $93,000. What you would do is you would starve this government of the revenue that it needs to carry its commitments out to the American people. It is insidious, it is wrong, shameful, reckless, and irresponsible.”