SUBMITTED RELEASE
U.S. Senatorial Candidate Sharron Angle seized upon Majority Leader Harry Reid’s silence after a story in the Wall Street Journal revealed that Reid was holding out until after the election to make a decision concerning the 2001-03 tax cuts due to expire in January.
A Wall Street Journal news report released over the weekend wrote that “Reid, facing a tough re-election bid, favors waiting for a lame-duck session after Nov. 2,” before taking any action concerning the extension of tax cuts.
“Make no mistake,” Angle said. “Harry Reid is pushing the largest tax increase in American history during the worst economy since the Great Depression. He voted against these tax cuts in 2001 and 2003, and it’s obvious now that he favors letting these important tax cuts die permanently.”
Angle said the 2001-03 tax cuts provided help for both poor and thriving by reducing the marginal rates which provided a wide range of income tax breaks for education, married couples, and families with children. When elected, Angle said she will support making the tax-cuts permanent. “It’s madness to raise taxes during this economic climate on the small business owners who create jobs and stimulate our economy. The bottom line is Harry Reid and President Obama are strangling the economy–and Nevada has a 14.2 percent unemployment rate to show for it.”
Background information
Reid Voted Against Senate And Final Passage Of The 2001 And 2003 Tax Cuts. (H.R. 1836, CQ Vote #170: Adopted 58-33: R 46-2; D 12-31, 5/26/01, Reid Voted Nay; H.R. 1836, CQ Vote #165: Passed 62-38: R 50-0; D 12-38, 5/23/01, Reid Voted Nay; H.R. 2, CQ Vote #196: Adopted 50-50: R 48-3; D 2-46; I 0-1, With Vice President Cheney Casting A “Yea” Vote To Break The Tie, 5/23/03, Reid Voted Nay; H.R. 2, CQ Vote #179: Passed 51-49: R 48-3; D 3-45; I 0-1, 5/15/03, Reid Voted Nay)
Reid Voted To Significantly Reduce The 2001 Tax Cut. “Harkin, D-Iowa, amendment to the Domenici, R-N.M., substitute amendment. The Harkin amendment would reduce the size of the tax cut by $448 billion and would increase education spending by $224 billion over 10 years. It also would provide for an increase of approximately $224 billion for debt reduction over 10 years. The Domenici amendment would cap discretionary spending at $660.7 billion in fiscal 2002 and includes an $845.7 billion contingency fund — including the Medicare trust fund surplus — that could be used for debt reduction, tax cuts or unforeseen spending. It also calls for $1.6 trillion in tax cuts over fiscal years 2002-2011 and $60 billion in tax cuts in FY 2001.” (H. Con. Res. 83, CQ Vote #69: Adopted 53-47: R 4-46; D 49-1, 4/4/01, Reid Voted Yea)
Reid Was Critical Of The 2001 Republican Tax Cuts. “More of the federal budget surplus should be spent to fix schools, roads and bridges rather than be ‘squandered’ on tax cuts, U.S. Sen. Harry Reid, D-Nev., told city officials from across the nation Monday.” (Steve Tetreault, “Bush Proposal: Reid Calls Tax Plan Unwise Use,” Las Vegas Review-Journal, 3/13/01)
· Reid: “To take all this money that we have in the way of surpluses and squander it on the tax cut is really the wrong way to go.” (Steve Tetreault, “Bush Proposal: Reid Calls Tax Plan Unwise Use,” Las Vegas Review-Journal, 3/13/01)
In 2003, Reid Continued To Criticize The Tax Cuts. “When they direct their tax programs to benefit the very, very, very few and eliminate the majority from any benefit of these tax cuts, it is class war.” (Kenneth R. Bazinet, “W Tax Plan Too Rich, Dems Say,” Daily News, 1/6/03)
In Nevada, The Republican Tax Cuts Have Given Tax Relief To 1,023,000 People. (“2008 Tax Relief Kit,” U.S. Department Of Treasury, Office Of Tax Policy)
As A Result of the Tax Cuts:
· 276,000 taxpayers in Nevada will have a reduction in their marriage penalty tax.
· 255,000 taxpayers in Nevada will see an increase in their child tax credit.
196,000 taxpayers in Nevada will see a reduction in their capital gains and dividends taxes. (“2008 Tax Relief Kit,” U.S. Department Of Treasury, Office Of Tax Policy)
