Congressman Adam Smith (D-Tacoma) today on Fox News Channel called for a delay to some aspects of the recent tax cut proposed by President George W. Bush to pay for the $87 billion in additional funds for spending in Iraq and Afghanistan.
“I absolutely support spending whatever it takes to be successful. I also think it would be nice to be able to pay for this instead of just putting it on a credit card,” Smith said on the Fox News Channel. “We should delay some aspects of the tax cut, particularly those going to the highest income earners in this country.”
“Repealing the top tax rate cut would allow us to actually pay for these operations,” Smith said. “The highest income earners would still get a tax cut, just a smaller one. Last week, President Bush repeated his call that Congress make the tax cuts permanent, costing the U.S. Treasury $1.1 trillion through 2013.”
“Why isn’t the President willing to sacrifice some of his priorities – like the trillions of dollars in tax cuts primarily aimed at the wealthy that haven’t done anything to create jobs and improve the economy here at home? This effort requires a sacrifice, but there is no sacrifice involved in simply putting this on a credit card where the bill must be paid by future generations of Americans.”