That Washington
U.S. Rep. Rick Larsen: "I Am Mad at the President."
U.S. Rep. Rick Larsen says he'll support the Obama tax cut compromise. With angsty reservations.
U.S. Rep. Rick Larsen said this morning that President Obama's "tax cut compromise has me livid." However, in the same statement, Larsen says he's going to vote for the package, which to his chagrin, and the chagrin of many Democrats, includes an extension of the Bush-era tax cuts to the wealthy which will add about $60 billion a year to the deficit.
The package also includes an extension of the estate tax exemption (another Bete-noire for liberals). And adding insult to injury—the renewed estate tax exemption gives rich families even a better deal than before, increasing the exemption to $5 million from $1 million and lowering the tax rate from 55 percent to 35 percent.
Citing the extension of unemployment benefits, a cut in the payroll tax, tax credits for college tuition, and a renewable energy program (something U.S. Sen. Maria Cantwell pushed ), Larsen said he is "looking past my anger with the President" and will vote for the compromise.
Larsen said:
Earlier this week, when they voted to support the Obama compromise, Sens. Maria Cantwell and Patty Murray issued similar statements on the benefits of the package. However, while Murray also criticized the tax breaks for the wealthy (though not the estate tax deal), Cantwell avoided the subject.
U.S. Rep. Rick Larsen said this morning that President Obama's "tax cut compromise has me livid." However, in the same statement, Larsen says he's going to vote for the package, which to his chagrin, and the chagrin of many Democrats, includes an extension of the Bush-era tax cuts to the wealthy which will add about $60 billion a year to the deficit.
The package also includes an extension of the estate tax exemption (another Bete-noire for liberals). And adding insult to injury—the renewed estate tax exemption gives rich families even a better deal than before, increasing the exemption to $5 million from $1 million and lowering the tax rate from 55 percent to 35 percent.
Citing the extension of unemployment benefits, a cut in the payroll tax, tax credits for college tuition, and a renewable energy program (something U.S. Sen. Maria Cantwell pushed ), Larsen said he is "looking past my anger with the President" and will vote for the compromise.
Larsen said:
No legitimate economic theory can argue that extending the Bush tax cuts for the wealthiest Americans will create jobs. I am not defending them. Remember that the Bush presidency created no new net jobs and left us with the Great Recession.
[but] ...There is a benefit to passing this package. It contains job generating elements that will boost the economy, reduce unemployment and build the foundation necessary to start shrinking the deficit and controlling debt growth in the long-term.
I don't like the tax cut extensions for high end earners or the estate tax compromise in this plan. But I will still support the bill for the greater good that it will do for our economy. And I welcome the fight that will take place when these issues resurface in 2012.
Earlier this week, when they voted to support the Obama compromise, Sens. Maria Cantwell and Patty Murray issued similar statements on the benefits of the package. However, while Murray also criticized the tax breaks for the wealthy (though not the estate tax deal), Cantwell avoided the subject.
