TNDP critical of Rep. Fincher
Posted: Friday, September 30, 2011 7:01 pm
Nashville – It is increasingly clear that Congressman Stephen Fincher (TN-08) has put his banker friends before the working families of West Tennessee since he came to Congress.
Roughly five months after being sworn in as a member of Congress, the man who campaigned as a “lifelong farmer” and the “gospel singer from Frog Jump” gave up his spot on the Agriculture Committee for a plum assignment on the House Financial Services Committee.
“Congressman Fincher bailed on the farmers he promised to represent when he ran for Congress, and he has been looking out for the big banks and their big bonuses from day one,” said Brandon Puttbrese of the Tennessee Democratic Party.
“Working families in West Tennessee deserve someone who puts their interests ahead of the special interests. Next fall, the people who sent Congressman Fincher to Washington are going to hold him accountable for breaking his promise.”
After joining the Financial Services Committee, Fincher quickly forgot about the farmers and working families in his district.
He enthusiastically supported the Republican plan to end Medicare and introduced legislation to suspend capital gains taxes for the next 10 years – a proposal that would add over a trillion dollars to the deficit.
According to The Commercial Appeal, Fincher “introduced a bill that would suspend collection of the capital gains tax for 10 years.”
The Washington Post recently reported that the capital gains tax heavily benefits the wealthy noting that, “Over the past 20 years, more than 80 percent of the capital gains income realized in the United States has gone to 5 percent of the people [and] about half of all the capital gains have gone to the wealthiest 0.1 percent.”
The Congressional Budget Office estimates that over the next 10 years the capital gains tax will bring in over $1.3 trillion in revenue and the elimination of the capital gains tax would eliminate this revenue.
Editor’s note: This article was submitted by the Tennessee Democratic Party.