Group Says: “Senator Webb and the Republicans are Wrong to Hold Unemployment Benefits and Tax Cuts for the Middle Class Hostage in Order to Give the Wealthy Another Tax Break.”
Richmond, VA – With the tax cut debate heating up in Washington, local residents gather outside of Senator Webb’s Richmond office on Friday, December 10 at 11:30am for a small protest to oppose his Saturday (December 4) vote against extending unemployment benefits for one year and against extending the middle class tax cuts for those making under $250,000. Senator Webb opposed the tax bill because he favors a bill that includes tax cuts for those making between $250,000-$1million per year.
WHO:Virginia Organizing community leaders
WHAT:Demonstration At Senator Webb’s Office: Fight for Us, We Need A Better Tax Deal
WHEN: Friday, December 10, 2010, 11:30 a.m.-12:30 p.m.
WHERE: Senator Webb’s Richmond Office, 507 East Franklin Street, Richmond, VA 23219
Background: On Saturday, December 4, 2010 the Senate failed to extend the tax cuts for only the middle class and extend unemployment benefits for one year. Now Congress and President Obama are poised to extend all of the tax cuts for two years, including for those making more than $250,000 per year. Protesters say that while they are pleased that unemployment benefits will be extended for one year, however, extending the tax cuts for the wealthy represents “a devil’s bargain.” They say extending the Bush tax cuts for the wealthy will cost an additional $140 billion in deficit spending over the next two years and will not create jobs.
The compromise tax plan agreed to by President Obama and congressional Republicans would provide more than a quarter of its tax cuts to the best-off one percent of all Americans. That’s almost double the share of the tax cut that the President proposed to give the highest earners. At the same time, the new tax plan would reduce taxes, and increase the budget deficit, by $424 billion in 2011 alone. That’s 40 percent more in tax cuts than the $301 billion tax cut the President had earlier proposed.
Citizens for Tax Justice has updated its figures on the compromise tax plan agreed to by President Obama and congressional Republicans to show the impacts on taxpayers in Virginia, http://www.ctj.org/pdf/taxcompromise2010.pdf