Jerry Nadler: “Christmas has come early for the special interests this year. This so-called stimulus package is nothing more than the…”

“Christmas has come early for the special interests this year. This so-called stimulus package is nothing more than the eternal wish list of big business wrapped up in a nice, neat, little bow. When the President put together his mammoth tax cut for the rich earlier this year, businesses were told to wait their turn. They would get their huge tax cut, but it couldn't be in the same package or it would shatter the illusion that the first one was for working families. So, we all knew this big tax cut was coming. But frankly, I'm shocked that the Republican Leadership would trot it out so soon, under the guise of 'economic stimulus.' Quite simply, there is virtually no economic value to this package. The key to economic stimulus is to put money in the pockets of people who will spend it immediately. At Democrats' insistence, there is at least a small amount of money going to those who are hardest hit by these economic times. But the overwhelming majority of cuts in this bill are skewed to the very rich, who are more likely to put savings in the bank than to spend it. By some estimates a whopping 75% of the benefits of this package would go to the top 10% of wage earners. This is not just dramatically unfair, it economically foolish. Not surprisingly, the portions of this bill that are aimed at lower income workers are temporary. But, the special breaks to big business, like capital gains reductions and repeal of the corporate Alternative Minimum Tax are permanent.”