WASHINGTON - U.S. Representative Edolphus “Ed” Towns (NY-10) today released the following statement on voting no on the compromise tax bill:

"I could not vote for the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853).  Although this new law contains provisions that I strongly support—extension of unemployment benefits, reducing the tax burden on middle income families, and making adjustments in the Alternative Minimum Tax (AMT), I am firmly against continuing present tax rates for high income earners and granting generous estate tax provisions at a time when we are facing huge federal and state deficits.

"I also am concerned about the reduction in payroll taxes.  While I am pleased that lowering payroll taxes will give temporary relief to middle income taxpayers and create some demand in the economy, this provision reduces funding for Social Security by $120 billion and may set a precedent that could jeopardize its solvency.  Weighing the benefits and costs, I chose not to vote for this bill.  I will however continue to sponsor and support legislation that benefits Americans who are struggling to make ends meet in this tough economy."

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