Thank you, Mr. Gohmert, for introducing this very innovative legislation. I would like to ask a couple of questions if you don't mind, if that's all right with you, have a little colloquy with you. If I remember correctly, John F. Kennedy,…
Thank you, Mr. Gohmert, for introducing this very innovative legislation. I would like to ask a couple of questions if you don't mind, if that's all right with you, have a little colloquy with you.
If I remember correctly, John F. Kennedy, when he became President, lowered the tax rate, the top tax rates, which were extremely high at the time, but he lowered those. If I remember correctly, didn't that stimulate the economy, and didn't we have a stronger economy when President Kennedy, a Democrat, actually lowered taxes?
I kind of remember also that Ronald Reagan did the same thing, and we had one of the fastest growths of economy in the history of this Nation, is that not correct?
And I think also when President Bush proposed cutting capital gains taxes and the death taxes and other things, gave us an increase in child tax credits, I think that also stimulated the economy?
That's the thing about your bill that I see. This will lower the tax rate for everybody. It's time to bail out the taxpayer.
It's time to bail out small business, and we are not doing that. We have been bailing out the Wall Street bankers, the big insurance companies, now the Big Three automakers, but the car dealers need a bailout. Small business needs a bailout. Working people need a bailout, and the best way to do that is pass your bill, in my opinion.
Actually, I think our mutual friend, John Shadegg, did introduce his bill this evening, is what I understand. He came up to me on the floor and did introduce the bill. I am honored to be a cosponsor of that bill, as well as yours. I applaud you for the idea, because you brought it up, and John Shadegg took that idea.
Mr. Gohmert, the thing I see about your bill that I see is that what it will do is it will put dollars in people's pockets.
And they will be able to go and help pay off their mortgages. They will be able to go and help buy a new automobile. So that will bail out the car dealers, which this bailout deal that we passed, that the House passed tonight, is not going to do.
In fact, there is nothing in this bill that guarantees the car dealers are going to have their warranties recognized. There is nothing in this bill tonight, from what I understand, that's going to give them their hold back that the car companies are keeping from the car dealers.
So, actually, the car dealers are working on a float--I mean, the car manufacturing companies are working on a float from the car dealers, which is totally unfair. It's something that your bill will actually give people dollars in their pocket. That's going to stimulate our economy, I believe, and I think you believe the same thing too.
It will stimulate our economy, because what we have to do to create jobs is for people to have money, to be able to invest it, whether they save it and put that money in the bank or in some financial institution, so the financial institution that then, in turn, can loan that money out to someone else, it will put money in the hands of small business, so that that will be stronger. That will create jobs, which creates a stronger economy every time we have seen a lowering of tax rates throughout this country, by Democratic as well as Republican Presidents, Democratic and Republican Congresses.
We have seen a growth of the economy of the United States. Everybody, everybody has benefited, from the lowest wage owners to the highest wage earners. It also creates jobs so that this brings people who are unemployed into the job market. We have seen a greater income to the Federal Government because of the increase in the economy.
I was asked today at your news conference, by one of the members of the press, is your bill one that's going to create a bigger deficit? Frankly, I told the young lady that asked me that that, no, I don't think it's going to create a deficit. If you scored by static scoring then maybe. But if you do dynamic scoring, which is real live scoring, then the Federal Government will get more money in because of greater economic activity in America.
We will see a greater growth of our economy. We will see jobs created. We will see people catching up on their mortgages. Are people going out and actually buying houses?
So we will see a tremendous economic growth throughout America. That's the reason I have cosponsored your bill. I applaud your efforts. I have also cosponsored John Shadegg's bill, which is actually your bill, and I congratulate you on that also.
We have to bail out the taxpayer. We have to bail out the working man and woman in this Nation. We have to build small businesses, because that's the engine that drives the economy of the United States. That's where most jobs are created in America.
It's absolutely critical for us to lower taxes, not raise taxes. It's absolutely critical for us to stop borrowing money from our grandchildren, not only our children, but our grandchildren, and that's what we are doing. We are creating greater Federal debt, greater deficits, and we are borrowing that money, actually, today, from China and foreign entities, and our grandchildren will have to pay for that. It's criminal, it's immoral, in my opinion, that we are doing that as a Congress.
So, Mr. Gohmert, I highly applaud what you have done in this bill. I highly applaud your very innovative thinking, your thinking outside the box, if you will, to use a trite phrase.
But what you have done is you have brought a piece of legislation that if the American public will just understand how important this is to them, how this will put dollars in their pocket, it will help them pay their bills. It will help them to catch up if they are behind.
It will help create new jobs. It will help create a stronger economy. Your bill and John Shadegg's bill is the kind of spark plug that we need to have a greater economy, and to stop these doldrums that we have today.
I deplore what Hank Paulson has done. I think it's just horrible that he has created this tremendous fear throughout our Nation, so people are holding on to their money, those that even have it. There are segments of our society that are doing fairly well economically. But there are many segments of our society that need some help, and your bill will help everybody at all levels, from the lowest-income people in this country to the highest.
It will help create a stronger economy. It will help create economic growth. It will help create new jobs. It will help do the things that we desperately need to do to put this country back on the right course from an economic standpoint.
So, Mr. Gohmert, I highly applaud what you have done, and I want the American taxpayers to be able to control their own money, not Mr. Paulson, or whoever the new finance czar might be. We have set up a finance czar in this country, and I think that is extremely dangerous.
As you said in your opening remarks, we are federalizing banks. We have created an environment where the
megabanks are buying up smaller banks, so we have less competition. The marketplace is the best way to control quality, quantity and cost of all goods and services.
So we need to defederalize the financial institutions, we need to put money back in the pockets of the taxpayers, the workers of America. We need to put money back in the pockets of small business owners so that they can create a stronger business and thus create more jobs, and your bill just does exactly those things.
So I highly applaud what you are doing with this bill, and I call upon the American taxpayers, the American public, to contact your Member of Congress and demand a vote on the Gohmert bill.
What is the number, Mr. Gohmert?
H.R. 7309; is that correct?
H.R. 7309, so I hope that the people watching tonight will contact their neighbors, their friends, their family members, contact everybody they know and say there is a bill in Congress, right now, today, that can be voted on, that will lower our tax rate by 16\1/2\ percent, right?
And it will put dollars back in people's pockets. It will help stimulate our economy, and it will help us to get back on the right track economically so that America can be economically secure.
So I applaud what you are doing. I highly recommend to other Members of Congress to get on your bill, and I highly recommend that the American public contact their Member of Congress in the House and the Senate and demand a vote on Mr. Gohmert's bill, H.R. 7309, which will lower your tax rate, put money in your pocket, and let you control your economic destiny.
Mr. Gohmert, I thank you so much, and I appreciate this time that you have yielded to me.