Statement: Jon Cowan on Tax Cut Package

“America Needs This Pro-Growth Bi-Partisan Tax Deal”

December 07, 2010

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Third Way Backs Tax Cut Package:
“America Needs This Pro-Growth Bi-Partisan Tax Deal”

Third Way President Jon Cowan issued the following statement in support of the compromise agreement reached yesterday by President Obama and congressional Republicans.

“Though Third Way has consistently opposed the Bush tax cuts for upper income earners—and we do not believe they should be made permanent—we support the compromise agreement announced by the President yesterday and urge its passage in the Congress. “President Obama campaigned as a post-partisan Democrat, promising to reach across the aisle, find common ground, and get some big things done. That’s exactly what this package embodies. Compromise means taking the good with the bad, and there is a lot of good in this compromise that is essential for economic growth, for the middle class, and for those who have fallen on hard times. The extension of unemployment benefits for 13 months is an urgent life raft for those who cannot find work. They need this deal. The payroll tax cut will put more than $100 billion in needed stimulus directly into the wallets of the middle class who will circulate it throughout the economy. They need this deal. The expansion of the Earned Income Tax Credit gives an important boost to those who work in low wage jobs and struggle to make ends meet. They need this deal. The college tuition tax break will help families send their kids to college without breaking the bank. Parents need this deal. The business tax incentives, both the research credit and the expensing provisions, are precisely the right measures to get business to spend and invest again to create jobs and economic growth. In short, America needs this pro-growth, bi-partisan tax deal. “In 2008 and 2009, the President and Congress successfully passed measures that kept this nation afloat and out of a depression. But the recovery thus far has been weak with economic growth far less than necessary to change the employment situation. The tax cut deal is a real attempt to achieve escape velocity from the recession—and to boost the confidence of consumers and businesses to spend and invest. Most of the President’s plan will create positive growth momentum and while one major provision—the extension of the Bush tax cuts for high earners—is of dubious economic worth, there is far too much that is good in this plan to reject it for what is bad about it. “Finally, a word about the President’s ‘fight.’ Sometimes it takes far more courage and fight to stand up to your friends than to confront your opponents. Voters in the center in 2010 sent a clear message—the partisan warfare needed to end and the two parties had to find common ground around economic growth. We commend the President for taking a big step in that direction, and strongly support the bi-partisan tax plan.”
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