Tags: Pelosi | Wealthy | Tax | Cuts

Pelosi Sees No Justification for Wealthy Tax Cuts

Thursday, 16 Sep 2010 04:00 PM

House of Representatives Speaker Nancy Pelosi said Thursday there is "no justification" for extending tax cuts for the wealthiest Americans, saying the nation cannot afford the price tag.

Democrats largely back President Barack Obama's plan to extend lower taxes for middle and lower income groups only, but a small minority favor renewing tax cuts for all Americans, including the wealthiest three percent.

Republicans are insisting that high-income people be included in any tax-cut extensions. The lower tax rates date to the Republican administration of President George W. Bush.

Some compromises have been floated, including a one-year or two-year extension for the top income groups, but Pelosi has stood firm against them.

"I see no justification for giving a tax break, going into debt with foreign countries to underwrite the subsidized tax cuts for the wealthiest people in America," Pelosi told reporters.

She also said that tax cuts "at the high end have not produced any jobs, they have only increased the deficit."

"The only thing I can tell you is that the tax cuts for the middle class will be extended this Congress," Pelosi said at her weekly press conference.

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House of Representatives Speaker Nancy Pelosi said Thursday there is no justification for extending tax cuts for the wealthiest Americans, saying the nation cannot afford the price tag. Democratslargely back President Barack Obama's plan to extend lower taxes for middle...
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