David Vitter Criticizes Obama Administration Decision To Let Tax Cuts Expire
(KPEL) — U.S. Sen. David Vitter has reacted to the Obama Administration’s decision to allow certain Bush-era tax cuts to expire.
In a press conference Monday, Vitter said the decision would amount to a $850 billion increase in taxes. President Obama announced he would allow some of the 2001 and 2003 tax cuts to expire by the end of the year.
“This would be the single biggest tax increase in U.S. history,” Vitter said. “Obama said we shouldn’t do that in late 2010 because the economy was so weak – yet growth is weaker now than then.”
On Monday, President Obama announced the proposal of a one-year extension of the tax cuts for those making less than $250,000 a year, while letting those for the wealthiest Americans expire.