Economists Side with Meehan: Extend 2001, 2003 Tax Cuts

Economists Side with Meehan: Extend 2001, 2003 Tax Cuts

Survey of economists finds extension of tax cuts for all income levels is the “most important thing Congress can do to help the economy”

DREXEL HILL, PA – Pat Meehan, the Republican candidate for Congress in Pennsylvania’s 7th Congressional District, today highlighted growing support from economists for his position in favor of extending tax cuts for all income levels.  The growing support comes on the heels of a letter signed by 31 Democratic Members of Congress calling on Speaker Nancy Pelosi to extend all of the 2001 and 2003 tax cuts.
 
“I have repeatedly said that now is not the time to be raising taxes on anyone,” said Meehan, who supports extending the 2001 and 2003 tax cuts for all Americans.  “We need to encourage consumer spending and encourage small business owners to reinvest in their business and create jobs.  Raising taxes will only hurt our recovery efforts in a very challenging economic climate.”
 
Meehan also criticized his opponent Bryan Lentz’s position on the issues, “Bryan Lentz is so blinded by his loyalty to Nancy Pelosi and the left wing of the Democratic Party that he refuses to listen to the moderate members of his own party and some of the nation’s leading economists,” said Meehan.  “We need to implement policies that are best for our nation and economic recovery, not what party leaders are telling their rubber stamp candidates, like Bryan Lentz, to support.”
 
CNNMoney.com reported earlier this week that according to a survey of leading economists, 60 percent believe the tax cuts should be extended for everyone.  According to the news organization, “the first in a series of economic surveys revealed that extending the tax cuts for all taxpayers is the most important thing Congress can do to help the economy.”  (Source: CNNMoney.com, 9/20/2010).
 
Today, more than 300 economists wrote to Congress supporting extension of the tax cuts for all tax brackets.  “Even confining tax hikes to wealthier individuals will have deleterious effects, as households earning more than $210,000 account for one of every three dollars in consumer outlays. Furthermore, businesses directly impacted by upper-bracket tax increases would slow their activities, thereby diminishing economic opportunities for their subcontractors in lower brackets.” (Source: Letter from More than 300 Economists, 9/22/2010).
 
The growing support follows a letter last week from 31 moderate and Blue Dog Democratic Members of Congress to Speaker Nancy Pelosi expressing their support for extending all of the tax cuts.  “While those in the highest-income brackets comprise only 2 to 3 percent of American taxpayers, economists estimate that they are responsible for 25 percent of national consumer spending,” said the 31 Democrats in their letter.  “As 70 percent of our economy is driven by consumer spending, this is not the time to jeopardize further growth.  It is also estimated that up to one-third of high-income taxpayers are small-business owners, our nation’s job creators and the backbone of our economic recovery.” (Source: Moderate and Blue Dog Democrat Letter to Nancy Pelosi, 9/15/2010).

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