Mr. President, today the Senate will consider legislation calling on millionaires and billionaires to contribute to this country's effort to reduce our deficit. The poor, the middle class, children, and seniors have already been asked to…
Mr. President, today the Senate will consider legislation calling on millionaires and billionaires to contribute to this country's effort to reduce our deficit. The poor, the middle class, children, and seniors have already been asked to make sacrifices to help get our fiscal house in order. This legislation would reaffirm the Senate's commitment to ensuring the extremely wealthy are asked to make similar sacrifices. This principle that all Americans should contribute their fair share as we work together to reduce the deficit is so common sense it should go without saying. Yet Republicans boast of their opposition of having the very affluent not pay their fair share. This is the simple, straightforward statement by my Republican colleagues. Listen to this:
. . . any agreement to reduce the budget deficit should
require that those earning $1,000,000 or more per year make a
more meaningful contribution to the deficit reduction effort.
My Republican colleagues reject that. Democrats believe all Americans, even those who can afford private jets and yachts, should contribute to the collective effort to reduce the deficit. The question is, Why aren't Republicans willing to do the same? They say it is because they are looking out for the people. That claim is ridiculous. This claim is without foundation, which is preposterous. Let's talk about the millionaires and billionaires Republicans are determined to protect above all else. Less than one-quarter of 1 percent of tax returns filed in the United States each year belong to the people making more than $1 million--25 percent of 1 percent, one-quarter percent of 1 percent. These same people are the 1 percent of Americans who control 50 percent of this country's wealth. We are speaking of the Warren Buffetts of the world. Warren Buffett is my friend. I have great respect and admiration for him, but he is extremely wealthy. What does Warren Buffett, who is the second or third richest man in the world, say about contributing his fair share? He welcomes it. In fact, Mr. Buffett criticized the system in which his secretary gives a greater share of her income to the government each year than a man worth more than $50 billion. Here he says: ``If you're the luckiest 1 percent of humanity, you owe it to the rest of humanity to think about the other 99 percent.''
That is what he said. That is what Warren Buffett said about contributing his fair share.
Since the late 1970s, incomes for the lucky 1 percent of America have risen by 281 percent. The last three decades have been very good to the very wealthy. President George W. Bush called these people the haves and have-mores. He also called them his base. Right now, the Republican Party is
putting what is good for this very small base ahead of what is very good for this great Nation.
The legislation before us asks only this: that each American be part of the solution rather than part of the problem. In poll after poll, Americans have endorsed this principle. They have said they believe we must address our deficit both by reducing spending and by ending tax breaks to the wealthiest citizens and corporations. We have heard them. Democrats have heard them. If Warren Buffett chooses to buy a private jet or a whole fleet of them, that is OK, but the American taxpayer should not give him a special tax break for buying his own jet airplane.
Our country is facing a crisis. We face mounting debt brought on by a decade of war and tax breaks for the wealthy. We face the prospect that Republicans will force us to default on our financial obligations for the first time in our Nation's history. Difficult choices must be made. Together, we should consider cutting programs to help real people in very real ways. Eliminating tax breaks for oil companies making record profits, corporations that ship jobs overseas, and the owners of private jets and yachts should be an easy part of this problem to solve. Yet Republicans walked away from the negotiating table when a solution was in sight because they said no to fairness. Democrats had already agreed to trillions in difficult cuts in order to prevent a default crisis and avert a worldwide depression. Then Republicans walked away from the table to help the 1 percent of Americans fortunate enough to not need any extra help.
How do Republicans explain that to their constituents back home? Very carefully. Why? Because as middle-class families struggle to make ends meet, my Republican colleagues are risking the financial future of this country and the world for the sake of people who can afford private jets and yachts. I cannot imagine that conversation. Asking millionaires and billionaires to contribute to solving this Nation's deficit crisis is not unreasonable. It is just plain common sense and simple fairness.
We are going to have a vote in just 20 minutes or so, and probably what my Republican colleagues will do is to vote to allow us to proceed. That would be great if there was some sense that they agreed with what we are trying to do; that is, that they want the millionaires and billionaires to contribute their fair share. But as we know, the rules will only allow us to move to the next step and actually be on the bill. So when we get on the bill, I would tell everyone here, if we can work on an agreement to have some fixed amendments and work on it, I would be happy to do that. It is how we used to do things around here.
But if this means a free-for-all and offering amendments on abortion and war fighting and all this kind of stuff, we can't do that. We need to devote these next few weeks to debate dealing with the deficit problems we have in this country, and they are significant.