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Sunday, December 12, 2010

Congressional Black Caucus say 'NO' to Pres. Obama tax cuts; unfair to 99ers, middle class, poor

Earlier official photo of ScottImage via Wikipedia
Representative Bobby Scott (D-VA)
says the President Obama's 'deal' with
with GOP is unfair to '99ers', poor &
middle class
The Congressional Black Caucus (CBC) announced on December 10th via C-Span, that the group oppose President Obama's 'compromise deal' with Republican Leaders in the House and Senate.

Specifically, the CBC does not support the extension of tax cuts wealthiest Americans, while an estimated 6 Million '99ers' are left out of the deal and no cost of living (COLA) adjustment is included for Social Security payees.

Congressman Bobby Scott (D-VA), talking on behalf of the CBC stated that the current 'deal' that would extend the Bush Era 2001 & 2003 tax cuts and particularly the estate tax for the wealthiest Americans that would cost $60 Billion dollars over two-years is a 'Non-Starter'. Scott outlined three proposals to change the current 'compromise deal'.
  • The CBC supports a 13 month extension of Emergency Unemployment Compensation (EUC) benefits but, also the extension of those benefits to the '99ers', who have been EXHAUSTED any form of supplemental income benefits since April 2010. (One bill that would provide benefits to the 99ers-S.3706 "The Americans Want to Work Act" sponsored by Senator Debbie Stabenow did not gain any discussion during President Obama's negotiations). 
  • Guarantees that no plan proposed, would eliminate necessary revenue to the Social Security Program-SSP (the Obama Tax Deal change the Social Security tax rate from 6 percent to 4 percent; hereby taking revenue away from the SSP). The CBC believe that a payroll tax or a tax rebate would present the best way to reimburse American's and provide extra income directly to wage earners.
Listen to Congressman Bobby Scott (D-VA) entire speech along with other members of the Congressional Black Caucus below, detailed reasoning on opposing the negotiated President Barack Obama tax cut deal with Republican House and Senate leadership, below. 

What are your thoughts on this article? Do you agree with the position of the Congressional Black Caucus? If so, why or why not? Feel free to comment on this story, below!

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