Richmond, VA - Today, Tim Kaine continued to call for an extension of the Bush tax rates for those making less than $500,000 and released the following statement in response to today's announcement by the President on the expiring tax cuts:
"The President did the right thing by addressing these expiring tax cuts well ahead of the year-end deadline. Too often, we've seen Congress reach sub-par deals on issues that are too important to leave to the last minute or after an election.
"Washington now has an opportunity to show the American people that it's able to reach compromise for the common good. I disagree with those Republicans who argue that the Bush tax cuts should be made permanent in their entirety. I also disagree with the President on the level at which we should allow them to expire. If everyone sets partisanship aside, we can find the right balance between helping families and businesses and making progress toward reducing the deficit. Allowing the Bush-era tax rates to expire for those making over $500,000 would result in more than $500 billion in deficit reduction, would protect tax cuts for the middle class and many small business owners, and would ensure that we have the flexibility to make critical investments that will strengthen our economy. The cuts required to dig out of our fiscal hole will fall hardest on low and middle-income families. Allowing the tax cuts to expire above $500,000 guarantees that all Americans have a stake in restoring fiscal responsibility and rebuilding our economy.
"Throughout this campaign, I've called for a combination of significant spending cuts along with tax reforms to allow for investments in education, small businesses, and infrastructure that will create jobs. My opponent has consistently called for an all-cuts approach that will not only hurt middle class families, but will weaken our economy and halt our recovery by slashing spending in areas like education, infrastructure, Medicare, Social Security, and national defense. Virginians are still struggling to pay the bill for the fiscal hole George Allen helped create the last time he was in Congress. His approach would devastate state economies, like Virginia's, that rely heavily on investment from Washington. That's why I urge Congress to find common ground on a balanced approach to deficit reduction by extending these tax cuts below $500,000."