Breaking news: At 2 a.m. this morning, the Senate passed legislation on the fiscal showdown that permanently extends the Bush tax breaks on earnings up to $450,000 a year and permanently ends the Bush tax breaks for those who earn more.
The bill also sets up yet another fiscal showdown by delaying for only two months the so-called "sequester"—a package of cuts in military and domestic spending opposed by both parties. And the GOP will likely demand cuts in Social Security and Medicare when we reach the February deadline.
On the good side, the bill extends unemployment insurance for one year and the Earned Income Tax Credit for the poor for five years.1 Still, economist Robert Reich called the deal "lousy."2
Now the bill goes to the House, where its fate is uncertain. The House should reject this deal and instead introduce and pass a tax cut for 98% of Americans on the first day of the new Congress.
Can you call Representative Carolyn McCarthy right now? Tell her: "Vote no on the Senate tax bill. Do not extend the Bush tax breaks for people making more than $250,000 a year."
Representative Carolyn McCarthy
Phone: (202) 225-5516
Then, please report your call by clicking here:
MoveOn members have had two clear, simple lines throughout the fiscal negotiations: Tax rates on those making more than $250,000 a year must return to Clinton-era levels. No benefit cuts to Social Security, Medicare, and Medicaid. When Republicans tried to cut Social Security, MoveOn members responded immediately and loudly, and those cuts came off the table. We can't let up now, and neither should Democrats in Congress.
Thanks for all you do.–Ilya, Joan, Mark, Anna, and the rest of the team
1. "Tentative Deal Is Reached to Raise Taxes on the Wealthy," New York Times, December 31, 2012
2. "Lousy Deal on the Edge of the Cliff," Huffington Post, December 31, 2012
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