Rep. Ellison Statement on Tax Extenders
WASHINGTONâ€”Rep. Keith Ellison (D-MN) released the following statement today after voting against a bill to extend tax provisions that expired in 2013 and 2014 until December 31st, 2014.
â€œThe bill passed today does little for working families, but lots for corporations already booking big profits. Too many Americans are working in jobs that donâ€™t sustain their families. Nearly 75% of the tax breaks in the package will make their struggle to attain the American Dream even tougher.
â€œThe bill is full of deficit-financed corporate giveaways that wonâ€™t stimulate the economy or help working Americans. The bill retroactively restores the bonus depreciation tax break, which doesnâ€™t increase economic growth because it helps companies pay for equipment theyâ€™ve already purchased. It also costs $1.49 billion. The active financing exemption allows companies to keep a huge amount of profits overseas and costs $5 billion. The bill also provides tax breaks for motorsports tracks such as NASCAR ($33 million) and racehorses ($45 million).
â€œIf I could vote to support provisions in the bill that help low-income families and their communities, I would. The Low-Income Housing Tax Credit creates 100,000 affordable housing units each year. The exclusion for mortgage debt forgiveness helps families selling underwater homes avoid a huge tax bill if the bank forgives the difference between their selling price and their original purchase price. The New Market Tax Credit encourages investments in low-income communities around the country.
â€œBut the bad clearly outweighs the good in this bill. It also doesnâ€™t raise any revenue to fill the hole left by corporate tax breaks, which means Republicans will say we canâ€™t afford to renew unemployment insurance, expand Head Start or invest to rebuild our roads, schools and bridges.
â€œTodayâ€™s package gives away too much to big business, while doing little to help working families make ends meet.â€