Tags: peter | king | tax | cuts

GOP's King: Killing Bush Tax Cuts 'Absolutely Wrong Thing to Do'

Monday, 26 Jan 2009 08:26 PM

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U.S. Rep. Peter King tells Newsmax that President Barack Obama’s plan to allow the Bush tax cuts to expire is “absolutely the wrong thing to do” in these financial times.

The New York Republican also says that Democrats are seeking to exploit the economic stimulus package to further liberal causes.

[Editor's Note: Watch the interview with Rep. Peter King - Go Here Now]

Newsmax’s Ashley Martella noted that Obama has promised to “modernize” 10,000 schools and “weatherize” 2.5 million homes in five years as part of his $825 billion stimulus package, and asked if King — a member of the House Financial Services Committee — believes that’s good medicine for a poor economy.

“No. These are issues that could all be addressed separately,” King asserted. “There are good aspects to them and negative aspects to them, but they have no place in a stimulus package bill.

“The fact is, they should go through the ordinary process and be debated. What Democrats are doing here too often or in too many places is taking issues or causes that they have and including them in the stimulus bill.

“The stimulus bill to the extent we do it should be limited to matters that have a direct impact on the economy and not just liberal causes. [Democrats are] using this as an excuse to bring them in by the back door.”

Asked if the government is in the position of creating private sector jobs, Rep. King responded:

“It’s very difficult. To me the best way the government could do it is by giving tax incentives or by cutting marginal tax rates. Other than sustaining people through a rough time, the government is actually not very good at creating jobs, other than by giving incentives to small businesses and to individual entrepreneurs, and that’s done by cutting marginal tax rates.”

As for Obama’s plan to let the Bush tax cuts expire, Rep. King observed:

“Letting tax cuts expire is the same as a tax increase and the last thing you should be doing in a time of recession is to be increasing taxes in any way whatsoever.

“It’s going to make it very difficult to allow businesses to expand or even plan to expand when they know taxes could be going up in several years … It’s absolutely the wrong thing to do. It couldn’t be more wrong, and it’s totally counterproductive.”

Martella pointed out that Citigroup, which has received $45 billion in bailout money from taxpayers, was purchasing a $50 million corporate jet.

King responded: “I am demanding that that money be returned. It is absolutely a disgrace that taxpayers’ money is being used in any way to subsidize corporate luxury.”

Martella asked for King’s take on the appointment of “conservative Democratic” Kirsten Gillibrand to fill Hillary Clinton’s seat representing his home state.

“I wouldn’t say she’s conservative,” King answered. “On most issues she is liberal…

“To me her appointment raises real issues as to why she was selected. She’s a one-term member of Congress. There were a number of other Democrats apart from Caroline Kennedy who did have significant experience and are much more in the Democratic mainstream…

“I’ve demanded that the governor provide a full and complete timeline as to how he selected Kirsten Gillibrand, why he selected her, whom he spoke with, and if there any offers of campaign contributions.”

King, the ranking Republican on the Homeland Security Committee, added that Obama’s plan to close the Guantanamo Bay detention center is “absolutely wrong. It’s damaging to America’s national security, and he is, I think, satisfying the desires of the left-wing base of the Democratic Party.”

[Editor's Note: Watch the interview with Rep. Peter King - Go Here Now]

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