Where they stand on Schumer's compromise proposal on extending the Bush tax cuts for the first $1 million of income:
Rep. Tim Bishop (D-Southampton): "Congress needs to quickly reach a bipartisan compromise to extend tax cuts for hardworking, overtaxed Long Islanders. Whether the magic number is $250,000, $1 million or somewhere in between, working together we must strike a balance that will give families relief without blowing up the deficit," spokesman Oliver Longwell said.
Republican Randy Altschuler of St. James, who is leading Bishop in the 1st Congressional District vote count: "The extension of the 2001 and 2003 tax cuts are needed for all Americans. It is premature to comment on Sen. Schumer's proposal at this time," spokesman Rob Ryan said.
Rep. Steve Israel (D-Dix Hills): "Both the House and the Senate need to act before the middle class tax cuts expire. When $250,000 was first defined as 'wealthy' it was in the early 1990s. But Long Islanders know that $250,000 isn't 'wealthy' when you are paying some of the highest costs in the country. If we adjusted that $250,000 to inflation, today it would be about $380,000, which is where I believe the threshold should be. That would allow us to continue true middle class tax relief while at the same time rolling back a good portion of our deficits."
Rep. Peter King (R-Seaford): "I believe the tax cuts should be extended and we can't be differentiating by salary and by income. . . . Coming out of a recession, the last thing we need to do is be raising taxes on anyone."
Rep. Carolyn McCarthy (D-Mineola): "We, on Long Island, have a higher cost of living and I agree with Sen. Schumer that the thresholds for the expiring tax cuts should be raised. That is why I have co-sponsored legislation which would create tax rates based on a region's cost of living."