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Press Room: Press Releases

May 16, 2001

ROCKEFELLER CALLS $1.35 TRILLION TAX CUT BILL A DISASTER FOR WEST VIRGINIA

Senator Proposes Key Amendments to Seek Prescription Drug Coverage, Gas Price Relief, Economic Stimulus, Expanded Medicaid Coverage for Long-term Care, and Immediate Marriage Penalty Relief

WASHINGTON, D.C. – Once again taking a strong stand to address West Virginia’s most important priorities, Senator Jay Rockefeller (D-WV) proposed a series of amendments last night to improve the $1.35 trillion tax cut bill. Arguing that the tax cut is still too large, too skewed toward the wealthy, and ignores key West Virginia priorities, Rockefeller proposed the amendments during a Senate Finance Committee mark-up of the legislation. The bill is now expected to be voted on by the full Senate on Thursday.

"All Americans deserve fair, substantial tax relief," Rockefeller said. "But this tax bill has got to be fair to all Americans, including the majority of West Virginians who will see very little benefit from the tax cut."

"I strongly believe that in addition to a tax cut, we have the responsibility to meet our obligations by giving our seniors a prescription drug benefit, helping middle-class families deal with the exorbitant costs of long-term care, and protecting consumers from skyrocketing gas prices. All of this can and should be done while also giving our economy the stimulus it needs," Rockefeller added. "We have an enormous opportunity to improve the lives of West Virginians, and all Americans, and we must not squander this moment."

Rockefeller expressed his frustration at the committee markup process, which provided only one day to offer committee amendments to the tax cut bill. Noting that this is the largest tax cut in two decades, Rockefeller said, "This is one of the most important pieces of legislation the Senate will deal with this year, and it deserves far more than one day to make sure it is done right."

In his fight to protect West Virginians, Senator Rockefeller proposed the following amendments to the $1.35 trillion tax cut legislation:

• Medicare Prescription Drugs: Rockefeller’s amendment provides a strong incentive for Congress to pass a prescription drug benefit for seniors that is universal, affordable, and provides catastrophic protection. The amendment would delay the reduction of the highest-bracket tax rate for the wealthiest Americans until prescription drug legislation is signed into law. Rockefeller wants to ensure that West Virginia’s seniors are protected from excessive pharmaceutical costs and given bargaining power in the prescription drug market.
   
• Windfall Profits Tax for Oil and Utility Companies: This amendment addresses the soaring prices at the gas pump and the impending energy crisis facing West Virginia by penalizing oil and utility companies that price-gouge consumers to fill their coffers with huge profits. It imposes a 100 percent tax above a 20 percent rate of return for businesses that are involved with energy production, removing the incentive for companies to increase their profits above a 20 percent rate.
   
• Alternative Democratic Tax Package: Rockefeller submitted the Democratic $750 billion tax cut plan as an amendment to substitute for the $1.35 trillion tax cut mark. This plan would include $100 billion in instant tax relief to stimulate the economy, giving every West Virginian a $300 or $600 rebate check this year. Under this plan, the Medicare Trust Fund would be protected, and the U.S. could continue to pay down the national debt.
   
• Marriage Penalty Relief Now: This amendment would provide relief from the marriage penalty in 2002, instead of waiting until 2006 as specified in the current tax cut proposal. Rockefeller believes that married couples should be given relief up front, rather than waiting another five years.
   
• Increased Medicaid Access for Long-Term Care: Rockefeller filed this amendment so that more Americans can have access to long-term nursing home care. Currently, many middle-class families have to impoverish themselves in order to become eligible for Medicaid. Rockefeller believes that this is true estate tax relief because it benefits the 98 percent of families in America who do not pay a penny in estate taxes.