I yield myself such time as I may consume. The Democratic majority in the House has made it crystal clear that we stand on the side of middle income families, of unemployed workers, of small businesses struggling in this difficult economy.…
I yield myself such time as I may consume.
The Democratic majority in the House has made it crystal clear that we stand on the side of middle income families, of unemployed workers, of small businesses struggling in this difficult economy. The compromise before
us clearly requires painful choices. These choices relate to each of the three criteria for judging the merits of this package: Does it add to the deficit? Does it promote economic growth? And does it promote fairness?
For decades, Republicans have unwisely promoted a view that tax cuts pay for themselves. So while making deficit reduction their rhetoric, they never have had any intention of paying for tax cuts which add to the deficit, plain and simple. Adding to the deficit is defensible if the bill meets another criterion: Does it promote economic growth? Adding to the deficit in the short term as a tool to promote economic growth that will, in turn, help address the long-term deficit has been the basis of vital actions taken by the Democratic majority, actions to stem the financial crisis, jump-start the economy, and save the auto industry. These were necessary steps, sometimes unpopular ones, and steps unfortunately not effectively articulated at times by the administration.
This bill does include important provisions aimed at increasing economic growth and jobs: unemployment insurance for millions out of work who will spend money received to keep their families afloat; the middle income tax cut; the temporary reduction in payroll taxes; and business provisions like the R&D tax credit, the new markets credit, and full expensing of business investment for 1 year.
Unfortunately, in their zeal to undo the Recovery Act, Republicans have insisted that we not extend the successful 48C credit for advanced engineering manufacturing or the Build America Bond program, working to rebuild our economy. The Republicans have insisted on provisions that violate the third criterion, fairness for taxpayers.
In order for the administration to be able to include provisions that help lower and middle income families, it came at the price of assisting the very wealthy, the Republicans' priority. Their position has led to a package where the top six-tenths of 1 percent of the very wealthiest receive 20 percent of the benefits of the tax package. My amendment would strike a blow at this unfairness by replacing the highly irresponsible and unfair Kyl estate tax giveaway. The resulting $23 billion in additional borrowing won't go to create jobs. It will be used to provide an average tax cut of more than $1.5 million to the 6,600 wealthiest estates next year. This represents less than three- tenths of 1 percent of all estates.
I urge my colleagues to vote to change this egregious piece of the legislation so the American people can see clearly who puts the interests of the middle class ahead of the very wealthiest. And then the Republicans in the Senate will have a stark choice that might be painful for them. It would make it clear whose side they are on.
I will accept the remainder of the bill because after the approach taken by Republicans in the House and Senate these last weeks, obstructing and holding hostage everything until they get their way on the tax breaks for the very wealthy, I am not willing to put the fate of the middle class and the unemployed in the hands of the Republican majority next year. Especially when voiced by the Senate Republican leader that their main priority is the failure of our President.
I reserve the balance of my time.
Mr. Chairman, I yield 2 minutes to the very distinguished gentleman from New York (Mr. Rangel).
(Mr. RANGEL asked and was given permission to revise and extend his remarks.)
I yield 2 minutes to the very distinguished gentleman from North Dakota, a member of our committee, Mr. Pomeroy.
I now yield 2 minutes to the distinguished gentleman from Massachusetts (Mr. Neal), an active member of our committee.
Madam Chair, I yield 2 minutes to the distinguished gentleman from Wisconsin (Mr. Kind), a member of our committee.
(Mr. KIND asked and was given permission to revise and extend his remarks.)
I now yield 15 seconds to Mr. Welch of Vermont, followed by 3 minutes to Mr. Jackson of Illinois.
It is now my privilege to yield 2 minutes to a member of our committee, the distinguished gentleman from Washington (Mr. McDermott).
(Mr. McDERMOTT asked and was given permission to revise and extend his remarks.)
It is now my pleasure to yield 2 minutes to the distinguished gentleman from Oregon (Mr. Blumenauer), an active member of our committee.
I now yield 2 minutes to the gentleman from New Jersey (Mr. Pascrell), a very distinguished colleague on the Ways and Means Committee.
Mr. Chairman, it is now my privilege to yield 2 minutes to the distinguished Member from the great State of Nevada (Ms. Berkley).
Mr. Chairman, I yield 2 minutes to the distinguished gentleman from Illinois (Mr. Davis), a member of our committee.
Mr. Chairman, I yield 2 minutes to the distinguished Member from Pennsylvania (Ms. Schwartz).
I yield 1 minute to the gentleman from New York (Mr. Tonko).
Mr. Chairman, I yield 1\1/2\ minutes to the gentleman from Massachusetts (Mr. Lynch).
Mr. Chairman, I yield 1\1/2\ minutes to the gentlewoman from Maryland (Ms. Edwards).
Mr. Chairman, I now yield 2 minutes to a distinguished Member of the Ways and Means Committee, the gentlewoman from California (Ms. Linda T. Sanchez).
I now yield 1 minute to the gentleman from Pennsylvania (Mr. Altmire).
Mr. Chairman, I now yield 1 minute to the very distinguished gentleman from California (Mr. Sherman).
I now yield 1 minute to the very distinguished gentleman from New Jersey (Mr. Andrews).
(Mr. ANDREWS asked and was given permission to revise and extend his remarks.)
It is now my privilege to yield 2 minutes to the gentlewoman from California (Ms. Lee).
It is now my privilege to yield 1 minute to the gentlewoman from Wisconsin (Ms. Moore).
May I inquire as to how much time is remaining on each side?
It is now my real privilege to yield 1 minute to the distinguished gentleman from Virginia (Mr. Scott).
Mr. Chairman, it is now my privilege to yield 2 minutes to a very active member of our committee, the gentleman from California (Mr. Becerra).
I now yield 2 minutes to another active, distinguished member of the Ways and Means Committee, the gentleman from North Carolina (Mr. Etheridge).
(Mr. ETHERIDGE asked and was given permission to revise and extend his remarks.)
It is now my pleasure to yield 1\1/2\ minutes to the distinguished gentleman from Oregon (Mr. DeFazio).
It is now my pleasure to yield 1 minute to the gentleman from Florida (Mr. Deutch).
It is now my real pleasure to yield 1\1/2\ minutes to the distinguished gentleman from California (Mr. Garamendi).
(Mr. GARAMENDI asked and was given permission to revise and extend his remarks.)
It is my pleasure to yield 1 minute to the active Member from Mississippi (Mr. Taylor).
It is now my privilege to yield 1 minute to the very distinguished Member from California (Ms. Eshoo).
It is now my privilege to yield 3 minutes to a member of our committee, the gentleman from Maryland (Mr. Van Hollen), who has been working day and night on this issue.
I yield 1 minute to the gentleman from California (Mr. Farr).
I am privileged to yield 1 minute to the gentleman from Tennessee (Mr. Cohen).
I yield 1 minute to the gentleman from Texas (Mr. Gene Green).
Mr. Chairman, I yield 1 minute to the gentleman from Colorado (Mr. Polis).
Mr. Chairman, I yield 1 minute to the gentleman from Georgia (Mr. Scott), a member of the Financial Services Committee.
Mr. Chairman, I yield 1 minute to the distinguished gentleman from Wisconsin (Mr. Kagen).
I now yield 2 minutes to the very distinguished gentleman from New York (Mr. Weiner).
Mr. Chairman, it is now my privilege to yield 1 minute to the Speaker of the House, the gentlewoman from California (Ms. Pelosi).
It is now my privilege to yield 1 minute to the distinguished gentleman from Iowa (Mr. Braley).
Mr. Chairman, I now yield 1 minute to the gentlewoman from Illinois (Ms. Schakowsky).
It is now a real pleasure to yield 1 minute to the very distinguished gentleman from Massachusetts (Mr. Frank).
I yield the gentleman 1 additional minute.
It is now my real pleasure to yield 2\1/2\ minutes to a Member who has been very active on this issue, the gentleman from Vermont (Mr. Welch).
It is now my pleasure to yield the balance of my time to our distinguished majority leader, Mr. Hoyer of Maryland.
I have an amendment at the desk.
The Clerk will designate the amendment.
Mr. Chairman, I demand a recorded vote.
Mr. Speaker, I demand a recorded vote.