Congressman Mac Thornberry (R)
AMARILLO, TEXAS -- Texas Panhandle Congressman Mac Thornberry, R-Clarendon, voiced his thoughts on the debate over the Bush-era tax cuts.
Thursday, angry democrats staged a revolt against the deal reached between President Barack Obama and the Republican Party. We are told the Democrats have problems with the package that includes the extension of the Bush-era tax cuts for everyone and the estate tax portion of the agreement.
Under the tax estate tax provision, the first $5 million of a couple's estate tax could pass to heirs without taxation, plus an additional $5 million for the spouse. The balance would be subject to a 35 percent tax rate.
"If it's take it or leave it, we'll leave it," said Rep. Lloyd Doggett, D-Texas, after a closed-door meeting in which rank-and-file Democrats chanted, "Just say no."
In fact, 54 of the House Democrats wrote a letter to speaker Nancy Pelosi which voiced their opposition to the deal.
Rep. Peter Welch of Vermont, was quoted by the Associated Press as saying, "acceding to Republican demands to extend the Bush tax cuts to millionaires and billionaires." "We're paying a king's ransom," Welch said in an interview. "We didn't need to and couldn't afford to."
Speaker Pelosi still controls the house floor until the new Congress is sworn in, as for when a bill will be brought up and what it will look like, nobody seems to know.
Thornberry said "It is clear that Speaker Pelosi is determined to try to raise taxes on the American people. I believe, however, that most people know that would be a mistake, especially at this time, and that ultimately we can prevent it from happening."
A spokesman for President Barack Obama said that the White House is still confident Congress will pass a tax deal, despite the uprising from House Democrats.
The cost of the bill is expected to be between $750-billion to the high $800-billion range. Democrats and Republicans have spent two years in gridlock over the question of extending the expiring tax cuts, and Obama has characterized his compromise with Republicans as a temporary, two-year concession on a policy he opposes.
The Associated Press contributed to this report.
