Star Tribune: Tim Walz Op-Ed: Tax cuts for the rich: Not a Minnesota value

In the past several years we have seen the toughest economic times in a generation, but I believe America’s best days are ahead of us.

Our can-do spirit and American ingenuity will get our economy back on track. We’re ending the bailout mentality. We are going to tackle the national debt and reign in spending. We can make things in America again, and we can make them better and more efficiently than anywhere in the world.

Unfortunately, even though it would blow a $700 billion hole in the national debt, my opponent’s No. 1 priority is to extend tax cuts for millionaires like himself (“Congress likes job security — its own,” Oct. 4). State Rep. Randy Demmer is peddling the same failed policies of the past that got us into this mess in the first place.

He wants to put today’s tax cut for millionaires on the national credit card for your kids and grandkids to pay tomorrow. That’s not fiscally responsible. These aren’t southern Minnesota values, and we cannot afford more of the same failed policies. If giving tax breaks to millionaires created jobs or grew our economy, I would be in favor of them, but they are the same failed policies of the past that just don’t work.

We need a more balanced approach that puts middle-class interests over Wall Street special interests. I voted for — and we enacted into law — legislation to put the “cops back on the beat” on Wall Street and restore tough, common-sense rules to protect ordinary people’s life savings. Demmer wants to repeal those new rules for Wall Street, pull those cops off their Wall Street beat and return us to the days when the taxpayer is forced to bail out reckless decisions by the big banks.

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