Mr. Speaker, on that I demand the yeas and nays. Mr. Speaker, I have a motion to instruct at the desk. Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks. Mr. Speaker, I yield…
Mr. Speaker, on that I demand the yeas and nays.
Mr. Speaker, I have a motion to instruct at the desk.
Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.
Mr. Speaker, I yield myself 4 minutes.
Mr. Speaker, this could be a long few days if they can't agree on a motion to go to conference. That is not exactly the most heightened controversy we have.
Mr. Speaker, I want to stand in support of the Democratic motion to instruct conferees on the Ryan-McConnell tax package and in strong opposition to the Republican tax plan.
Behind me is a replica of the national debt clock. This clock was just reconfigured. New features have been added just in time for the Republicans to acknowledge that they are about to add $1 trillion to this national debt clock, which they tortured Democratic Presidents on for years about the debt.
So let me provide you with some historical perspective. In January of 2001, when Bill Clinton said good-bye, we were looking at a $5.4 trillion surplus, four straight balanced budgets, and record economic growth. The CBO said that the surplus might even go beyond $5.6 trillion.
But what really happened during that period of time?
After the Bush administration left, we were staring at $6.1 trillion worth of debt.
So what happened?
In 2001, the Republican Party cut taxes by $1.3 trillion and said it was all about economic growth. Then they came back in 2003 and said: Well, the growth hasn't been substantial enough, so we are going to cut taxes by another $1 trillion, $2.3 trillion of tax cuts, and a repatriation tax holiday where the money is returned at 5.25 percent on the promise of economic growth and job creation; none of which happened.
So where are we tonight?
We are back to the same old pattern and playbook that they continue to utilize. They promised job growth. In a meeting with the President recently, he said he didn't understand why we couldn't have job growth of 4, 5, or 6 percent. I don't know an economist who thinks we are going to have 6 percent economic growth, but they use that as the linchpin, the excuse for a tax cut that is going to add $1 trillion to the budget deficits, all based on the following economic assumption: maybe.
Maybe we will have growth that will help us to pay down the debt. All of the mainstream economists say maybe a return of one-third on the tax cuts in terms of revenue. Joint Committee on Taxation, The Wharton School, the Tax Policy Center, moodys.com, they all say the same thing: None of this is going to happen.
So we are also back to a familiar argument that they hear, and I think you should pay some attention to this for the moment.
They will say things repeatedly like: It is the people's money. The people know what to do with it.
Well, let me say this as well tonight: It is the people's veterans hospitals; one million new veterans after Iraq and Afghanistan who are going to be in need of long-term care. That is the people's responsibility.
In addition, 10,000 baby boomers retire every single day in America. Social Security is part of their retirement system, even as it averages about $15,000 for American citizens.
We are going to live longer, and we herald that achievement regularly, but it is also going to mean more Alzheimer's and more dementia that families are going to have to reconcile, and they are going to come back and say at the right moment: Oh, because there is less revenue, we are going to have to have cuts in social spending.
So they are going to say at the right moment: Oh, we are going to have to now change the way we calculate Medicare and Social Security.
This is a missed opportunity above everything else. Everybody agrees on what is wrong with the Tax Code.
Mr. Speaker, I yield myself an additional 1 minute.
Mr. Speaker, there was a chance here to do some investment in human capital: community colleges, vocational education, internship programs. The
Labor Department reported 3 weeks ago, 6 million jobs go unanswered in America every single day.
I hope tonight, as the Republicans confer, they can tell us where they are actually conferring because, between the paste and the bubble gum, they keep putting on a new dimension to their proposal.
This should be a debate that included both parties. Before I reserve my time, for the moment, I want to say this: We had a chance to really do something big. They have, unbelievably, proposed to take the entire revenue architecture of this country in 3 weeks without one hearing, without one witness. They are going to change it all, and the middle class is about to get it in the neck to take care of people at the top.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I yield 1 minute to the gentleman from Michigan (Mr. Levin), who announced this past weekend that he is going to leave this institution. He has served this institution with distinction and grace for a long period of time.
Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Doggett), a valued member of the Ways and Means Committee.
Mr. Speaker, I yield the gentleman from Texas an additional 30 seconds.
Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), a valued member of the Ways and Means Committee.
Mr. Speaker, I yield 1 minute to the gentleman from Connecticut (Mr. Larson), a neighbor and a good friend.
Mr. Speaker, I yield 1 minute to the gentleman from Oregon (Mr. Blumenauer), a particular champion of all renewable energy forms.
Mr. Speaker, I yield 1 minute to the gentleman from New Jersey (Mr. Pascrell), a very important member of the Ways and Means Committee.
Mr. Speaker, I yield 1 minute to the gentleman from New York (Mr. Crowley), a member of the leadership of the Democratic Party. I think he is going to tell us about what the elimination of the State and local tax deduction means to the people of New York.
Mr. Speaker, I yield 1 minute to the gentleman from Illinois (Mr. Danny K. Davis), who is a valued member of the Ways and Means Committee. The gentleman is also a great champion of new markets tax credits and the historic tax credit which is eliminated in the Republican tax plan.
Mr. Speaker, I yield 1 minute to the gentleman from New York (Mr. Higgins), who is a valued member of the Ways and Means Committee.
Mr. Speaker, I yield 1 minute to the gentlewoman from Alabama (Ms. Sewell), who is a great champion of the middle class and a Marshall Scholar.
Mr. Speaker, I yield 1 minute to the distinguished gentlewoman from Washington (Ms. DelBene).
Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Sanchez), who is a distinguished member of the Ways and Means Committee.
Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Judy Chu), who is the former revenue commissioner of California and who knows something about revenue projections.
Mr. Speaker, I yield 2 minutes to the distinguished gentleman from South Carolina (Mr. Clyburn), who is the assistant Democratic leader.
In reference to my friend, Mr. Kelly, Mr. Clyburn is a real champion of the middle class.
Mr. Speaker, I yield 4 minutes to the gentleman from Maryland (Mr. Hoyer), one of the best legislators in the House, the Democratic whip.
Mr. Speaker, I yield an additional 1 minute to the gentleman from Maryland.
Mr. Speaker, apparently the gentleman forgets the difference between the Clinton years and the Bush years, as it relates to the deficits.
Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Pelosi).
Mr. Speaker, might I inquire as to how much time I have remaining?
Mr. Speaker, I have no further speakers, and I yield myself the balance of my time.
Mr. Speaker, we have heard this discussion back and forth tonight about tax relief for the middle class; and we have heard the other side say that you are going to get $1,189 for a family of four, I think, making $59,000 a year.
But what they don't say is that they are going to take away the State and local tax deduction; they are going to take away the ability of children to deduct interest payments on student debt; that they are going to shave back the mortgage interest deduction; get rid of the historic tax credit; that they are going to get rid of new markets tax credits.
And here is the best one of all: as champions of the middle class they are, they are going to repeal the estate tax.
The gentleman from Pennsylvania, who is my friend, said that we need to stop talking about wealth.
Well, how about approaching it this way? We are wealthy and we are not going to take it anymore, because that is essentially what this argument is about.
When you look at the distribution tables as to who gets what in this tax proposal, the concentration of wealth at the very top is highlighted time and again.
When we talk about tax relief for the middle class, when we examine what this is about to do to California, to New York, to Massachusetts, and to Connecticut, to name, but a few of the States that are going to pay a penalty for this tax plan--
And I dispute fully what the chairman said about the Obama years. Fourteen million jobs were created during the Obama years. Twenty-three million jobs were created during the Clinton years. The day that George Bush left, we were losing 800,000 jobs a month in America. That is the reality.
When you look at economic growth during those years, the 2 percent that we look at was not enough. But it has now been almost 13 years when middle class people have not had a pay raise and, time and again, we have heard the preposterous argument--and, boy, did it get us into trouble--that tax cuts pay for themselves.
You cannot find a mainstream economist that will say that tax cuts pay for themselves.
Now you hear the repeated argument that, if we cut taxes and we add dynamic scoring, based upon what might occur, or maybe, or if, then we are told that this is going to alleviate slow productivity and slow growth in America, all based upon the premise of tax cuts.
You know what we should be doing tonight, Mr. Speaker?
We should be talking about investing in human capital. We should be talking about the 6 million jobs that go unanswered in America every single day. We should be talking about community colleges. We should be talking about the idea of apprenticeship programs and, yes, investing in vocational education. We should be also talking about, finally, what to do about the 2 million people in America who have opiate addictions and don't go to work every day. We should be concerned about the labor participation rate in America.
Instead, the answer always becomes the Holy Grail of Republican economics; cut taxes for the people at the very top, and plead the case that what you are really doing is for people in the middle class.
The alternative minimum tax is devoted to people at the top, and the idea of repealing the estate tax for so few people in America is outrageous.
Mr. Speaker, I yield back the balance of my time.
Mr. Speaker, on that I demand the yeas and nays.