Washington, DC - Congressman Edolphus "Ed" Towns (D-Brooklyn) blasted the Republican led Congress today for approving a $550 billion tax cut bill that provides almost no immediate tax relief to jump start the economy while giving a huge break for wealthy investors for the long term.

"I just can't understand how members who voted for this incredibly unfair plan can look themselves in the mirror," said Congressman Towns. "Unemployment figures came out last week showing that the unemployment rate is the highest in nearly a decade, and the Republican Party responded by passing a plan that reduces dividends and capital gains taxes for rich stockholders.  This will do nothing to create jobs and get the economy moving again."

Towns noted that less than 10 percent of the tax cut would take place this year when the economy needs help.  Towns supported the Democratic plan that would have created one million jobs this year.  Additionally, unlike the Towns supported plan, the package passed by Republicans today does not extend unemployment benefits for the 4 million out of work families and offers no assistance for New York State.

"New York State and City are in a financial crisis, and this legislation will do nothing to help," said Towns.  "In fact, it will hurt.  By passing such a large tax cut bill, there is not enough room in the budget to fully fund homeland security needs.  Consequently, too much of the burden will fall on the City."

Towns also pointed to a study which shows that a limited number of his Brooklyn constituents will benefit from the tax plan.  According to a study by the House Government Reform Committee, about 75 percent of all Brooklyn residents in the 10th Congressional district will receive no benefit at all from the cut in capital gains and dividend taxes.  Overall, those earning $50,000 or less, making up 65 percent of the district, would get just $160 from the tax cut plan.

"The numbers speak for themselves," said Towns "Middle and low-income working families get crumbs under this plan.  Instead, the plans gives thousands of dollars to the wealthiest individuals who are likely not even to spend this money.  That will do nothing for the economy."

The tenth congressional district of New York represented by Rep. Towns encompasses the neighborhoods of East New York, Canarsie, Brownsville, Bedford-Stuyvesant, Cypress Hills, Clinton Hill, Mill Basin, Midwood, downtown Brooklyn, Boreum Hill, as well as parts of Fort Greene and Williamsburg.