Rockville, Maryland (July 29, 2010): Republican Congressional Candidate Bruce Stern today announced his support for an extension of the Bush tax cuts which are set to expire on December 31, 2010, including an extension of the tax cuts for families earning over $250,000 per year. Mr. Stern believes that an extension of the tax cuts for at least two years is necessary in order to grow the moribund economy. He also believes that if the cuts are allowed to lapse job growth will be negatively impacted.
Mr. Stern stated: "If Congress allows the Bush tax cuts to expire, it could have a severe negative impact on the economy and job creation. With the economy still weak, that is the last thing we need to happen. I am a firm believer that long term economic growth and jobs are going to come from the private sector and not from more government spending. To get the economy back on track, we need to ensure that small business owners have the capital they need to grow, expand and put Americans back to work. And we can help do that by keeping their tax rates at current levels. If these individuals have to pay more in taxes, they will have less money to grow their businesses and hire employees."
Mr. Stern continued: "I understand and appreciate that by extending the tax cuts, the Treasury is losing revenue it might otherwise collect from taxpayers. However, with the economy so fragile and unemployment so high, we need to take actions that will help spur economic growth. And keeping tax rates low is a proven way to do that. As a result, I believe we need to extend the tax cuts for at least two additional years. At that point in time, we can reassess where we are with the economy, unemployment, and our debt reduction efforts."
Mr. Stern further stated: "My prospective opponent, Chris Van Hollen, has called Republicans who support extension of the tax cuts "deficit chickens," implying that they are not serious about debt and deficit reduction efforts as they claim. This silly comment, however, reflects the partisan divide Mr. Van Hollen promotes as Chairman of the Democratic Congressional Campaign Committee and ignores the fact that members of his own party support an extension of the tax cuts. Reduction of our $13 trillion national debt and $1.4 trillion deficit are critical issues which will affect the future of our country. Congress needs to get beyond the name calling and members need to work together to address debt and deficit reduction. If they do not, the consequences for this country will be very severe."
Mr. Stern, 45, is seeking the Republican nomination for the U.S. House of Representatives' seat representing Maryland's Eighth Congressional District. He is a practicing attorney and the principal of Stern & Associates, a Montgomery County law firm. He is also the owner of Peninsula Settlements, LLC, a real estate settlement company based in Montgomery County. He lives with his wife Nicole, a Psychologist, and their three daughters, in Gaithersburg. Additional information on Mr. Stern and his campaign is available online at www.sternforcongress.com.