Congressman Joe Wilson’s proposal to extend tax cuts to the higher tax brackets failed in committee this week. Wilson explains his plan:
It provides for all the tax cuts to stay in place, and what they are doing by increasing taxes on what they call the wealthy, they are really increasing taxes on small business owners. So, the small businesses, which are the backbone of our economy, NSIV is the backbone of our economy, they will not be able to hire people, they are going to have to let people go because of higher taxes.
House Speaker Nancy Pelosi, on Capitol Hill Thursday, said she wants to extend tax cuts for the lower and middle class, just not for Americans making more than $200,000 per year. She says without getting into the timing and process of it, the rich do not need tax cuts. Wilson’s amendment was stopped in the committee that determines what amendments will come to the floor.
Wilson says Pelosi’s view will kill jobs.
It’s so crucial, and it’s very clear. In fact, many Democrats, the Republicans are united 100 percent to extend the tax cuts, and a number of the Democrats, I found out 30 Democrats have switched sides. So, the American people need to let the Democrats in Congress know that they want the tax cuts extended to create the potential for a job.
Wilson contends that small business owners are in the income bracket of $200,000 and above.