The vote today by House Republicans to give a $550 billion tax cut to the wealthy – an action urged by President Bush – is irresponsible, short-sighted and harmful to the nation’s already-faltering economy.  Even the reported cost of the tax cut is misleading.  Republicans used gimmicks like tax cut sunsets to artificially lower the cost of the tax cut, even as calculations show that the tax cut will likely cost nearly $1 trillion in the next decade.

It is astounding that congressional representatives would vote for a tax cut that reflects neither the interests nor the wishes of their constituents, who by large margins prefer investments in core national priorities over tax cuts.

America’s working people need jobs, good schools, a strong Social Security system and affordable, quality health care.  Yet the oversized tax cut lines the pockets of the rich and giant corporations while forcing the federal government into record deficits, jeopardizing future improvements to programs that benefit everyone.

Today’s tax cut makes an historically bad economic situation for the states even worse.  Over the past three years, state governments have experienced record budget deficits that are now approaching $200 billion.  The House is making that situation worse by choosing tax cuts for the wealthy over aid to the states.

President Bush’s and the Republican policies of tax cuts for the wealthy haven’t produced jobs; in fact, we’ve lost an average of 100,000 jobs each month since President Bush took office.

Beginning May 31, 80,000 laid-off workers will run out of emergency jobless benefits each week.  Yet House Republicans today and earlier this week voted to block funding for emergency benefits from the tax plan they passed, while giving away billions to the wealthy.

Instead of giving away money to people who don’t need it and bankrupting our future, Congress should invest in priorities that put money into the hands of those who need it and will spend it.

Contact: Kathy Roeder (202) 637-5018