Hoyer Says House Will Pass Tax Bill But Dems Will Offer Amendments to Reduce Breaks For Estates, Wealthy

WASHINGTON, Dec. 13, 2010 /PRNewswire-USNewswire/ -- House Majority Leader Steny Hoyer (D-MD) told a National Press Club Newsmakers News Conference today (Dec. 13) that the House will pass President Obama's tax compromise bill but because of "concerns," Democrats will offer amendments to reduce breaks for estates and the wealthy.  Hoyer said that while the middle class tax cuts will have large positive economic impact, the rich tax breaks have minimal value.  He was particularly critical of raising the estate tax break to 5 million dollars, which he said exempts "just the 39,000 wealthiest Americans" who "do not need" tax assistance.  He called recent tax negotiations "mixed."  He said, "An issue we should all be concerned about is that the wealthiest 1% control a quarter of all income."

He stated that normal House procedures would be applied -- the House could amend the Senate bill.  However, he added, after the Senate acts this week—which he said could be as early as Tuesday or Wednesday -- "we (the House) will pass a bill."

Hoyer asserted "the need for American leaders to look beyond two-year election cycles."  He contended, "We won't get to full employment in two years or out of debt in two years. We have to get beyond emergency measures."

On the recent elections in which Democrats lost 63 House seats and six Senate seats, Hoyer said, "Anger must be tempered to not send us to zero gain warfare.  Voters want real solutions for growth and debt reduction."  He added, "Job creation will be the measure of success in the next Congress."

In response to a question (by Bob Weiner, former Chief of Staff of the US House Aging Committee) asking how Social Security has become a symbol of the deficit when the program is actually solvent through 2037 with funds seniors paid in and might only be short 25% after that, Hoyer said the point that Social Security is solvent was "good" and Democrats will make sure it stays solvent and that the program "will not be privatized" or weakened.  "Generations have had it for their retirement.  Social Security is not the way to save the deficit. We need a more secure Social Security and health care," he stated.

Contact: Bob Weiner/Gavi Swerling 301-283-0821/202-306-1200 [email protected]

SOURCE Robert Weiner Associates