I am so happy to join you. And I thank you for coming down to the floor each week and making the point that we have choices in the United States of America. We can put our people back to work. We can reduce our debt and our deficit, but we…
I am so happy to join you. And I thank you for coming down to the floor each week and making the point that we have choices in the United States of America.
We can put our people back to work. We can reduce our debt and our deficit, but we don't have to do it on the backs of middle class Americans, and we certainly don't have to do it on the backs of our elderly. That's exactly what the budget proposal by our Republican Budget Chairman Paul Ryan says. He said, look, the country is broke. We've got to just show courage and we've got to cut that deficit--we agree with that--and the way that we think we ought to do it is by ending Medicare as we know it, by abolishing Medicare. Instead of that guaranteed benefit that all older Americans can aspire to now, can get when they're 65 years old, that persons with disabilities would get, they know that it's there--and I cannot imagine that there is not every single Member of this House, Republican or Democrat, where people come in and say, I hope I can make it until I'm 65 and get on Medicare because I can't get insurance, and even if I could, I can't afford it right now or I have a preexisting condition. He wants to do it on the backs of senior citizens.
It's been said many times tonight that 700,000 jobs would be lost if H.R. 1--the top priority of the Republicans--were to pass, that the cuts that it would make, instead of spurring on jobs, creating jobs, putting the 15 million people that want to pay taxes--that's all they want is to go back to work and actually pay taxes, that that would be their dream come true, and it would also cut our deficit. But you know what the American people are thinking? They're thinking, We aren't broke--maybe we are, but not everyone is broke in America.
This is a sign that my staff made before I introduced a bill with an idea supported by 81 percent of Americans that it is time for millionaires and billionaires to pay their fair share; 81 percent of Americans. That means it's not just Democrats and it's not just Republicans. It's Independents, and I believe that it's Tea Party people, too. They know that they are not getting a fair shake and that the millionaires are.
Did you explain the chart?
Well, what it says is that from 1979, at that end, to 2005, this is the growth in income over certain income categories. And you can see way down at the end there is a little bracket--even if you can't, you get the idea. There is a little sign down there that says that the bottom 20 percent of Americans over that period, almost 30 years, their income increased $200.
Let's go to the other end. The top 0.1 percent of Americans, their average income increased, actually increased, over $6 million. Their average income right now is $27 million. Get this: The bottom 90 percent of Americans--I was even shocked by this number--the average income is under $32,000 a year. Top 0.1 percent, $27 million; 90 percent of the rest of Americans, less than $32,000. This is not good for our economy and it is not good for our democracy.
Yes.
Just the people who need it, right? Just the people who need a tax break. Isn't that astonishing that they should actually pay less?
Yeah. Take it from Medicare and give them a tax break.
And, by the way, the top tax bracket in the United States of America right now starts at $375,000. So if you make $27 million or $375,000, you're still paying the same tax rate.
What I did was say, okay, let's make the taxes fairer. I said, starting at $1 million--that's earning in 1 year--45 percent tax rate. And it would ratchet up, $10 to $20 million, $20 to $100 million, $100 million to $1 billion, and then a $1 billion tax bracket. And you know what? There are Americans who have made $1 billion last year. The top 20 hedge fund managers, an average of over $1 billion a year. One guy made over $5 billion in 1 year. I'm saying those billionaires, that top tax bracket, 49 percent taxes. And guess what? That is lower than the tax rate in all the Reagan years. I'm under Ronald Reagan's highest tax bracket. It's fair.
This is not about punishment. It's not about revenge. It's certainly not about jealousy. It is about fairness in our tax system. And we would have plenty of money here. We wouldn't have to cut Medicare, of course we wouldn't. We wouldn't have to cut Medicaid, the poorest people off their health care. We wouldn't have to threaten seniors with cuts in Social Security benefits. And we could fund those job training programs to put people back to work. We could even fund infrastructure programs that put people on the job, or green energy programs that make America a leader in the world. We could do all those things. We are not broke as a people.
So my Fairness in Taxation Act, I hope people will sign on as cosponsors. Eighty-one percent of Americans think it's a good idea. We have to have the courage to follow--listen to people out there, and follow
One of the things that they say, that Paul Ryan says, We all have to sacrifice. Shared sacrifice. I believe in that. I think that's a good idea. But some people have been sacrificing for a long time.
If you drew another line starting at the bottom left and going to the top right of productivity increases in the United States, that line would shoot way up because we have the most productive workers in the world. Productivity has soared. And yet where have the benefits gone for our more productive workers? Right here. And it has been deliberate, and it's been based on policies that have passed in the Congress, a partnership between government that's been hand-in-hand with the wealthiest Americans. And the rest of America--and you know what, the other thing is if you started up here and tracked union membership, you would find that line going straight down.
When workers, as 62 percent of Americans agree is a good thing, have collective bargaining, they're able to help raise the middle class instead of having a disappearing middle class, which is what's happening now.