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Unprecidented Taxing And Spending

Statement

By:
Date:
Location: Washington, DC

Unprecedented Taxing And Spending

BREAK IN TRANSRIPT

Mr. AUSTRIA. I thank the gentlelady from Minnesota.

We are well represented here today here in Ohio in this Chamber. There is a lot going on in Ohio, and this budget directly affects us, and I appreciate the opportunity to be able to speak today.

Let me just say, as a new Member of this Congress and having served less than 100 days, we have been faced with tremendous challenges and issues before us. I will start out with the second half of the bailout of the financial markets, the TARP bill, which was $700 billion that I felt did not have enough accountability and not enough transparency. The Treasury did not have a specific plan in place when we voted on that bill, and I had deep concerns with that, and I voted against that bill.

The second bill I was asked to vote on was the $791 billion over 10 years, $1.1 trillion stimulus bill that had a tremendous amount of government spending that I felt was not targeted toward where it should be, to small businesses, which are the economic engine of this country. Seventy percent of the businesses across this country are small businesses. We have 900,000 small businesses in the State of Ohio. Yet this plan did not focus on small businesses. It did little to nothing to help small businesses. It was focused on increasing government spending, which I felt was wrong.

We just heard the leader talk about what happens when you don't read a bill, when you don't have accountability, when you don't have transparency, when you don't have a plan. When you don't read a bill, all of a sudden, you run into what we ran into last week with AIG bonuses being paid out of hardworking taxpayers' dollars. Then there was a $410 billion omnibus appropriations spending bill that had an 8 percent increase, or a $32 billion increase, this year when we are asking Americans to tighten their belts and small businesses to make sacrifices. There are almost 9,000 earmarks in it.

Now we are being faced with a $3.6 trillion budget. I think the gentlelady has pointed out very well and right on target that the problem with this budget right now is that it contains too much spending, too much borrowing, which we have already seen in these other bills, but in addition, we are now talking about $1.4 trillion of new taxes that are going to be put on Americans across this country.

There is a cap-and-trade, or what is being referred to as a cap-and-tax, on anything that uses carbon or CO

2. We are going back and are going to raise the estate tax. There is the raising of the capital gains tax, the removing of itemized deductions, the increasing of marginal rates. All of these tax increases concern me in this budget.

Let me tell you, as a former small business owner and as a father of three, I did not come to Congress to begin major spending, running up a deficit, running up debt like we are running up, passing on debt to my three children at home. That is not why I came to Congress. I came to Congress to turn this economy around and to really begin to save jobs, to create new jobs and to be able to sustain those jobs over the long term. I believe it is our small businesses that can do this. I can tell you, as a small business owner, when I look at this budget that we are faced with, I have deep concerns about what is facing me--new taxes, taxes and taxes.

I talked about the cap-and-trade--we have heard that, too--the increase of taxes on those who have incomes of over $250,000 or more, on the so-called ``wealthiest'' Americans of the country. Many of those are small business owners. Over half of those are small business owners in this country. If I am a small business owner and I know I have these taxes coming at me in 2011, I doubt if I am going to be looking at investing in my business and in expanding my business and in taking a risk. I am going to be preparing for that new tax increase that is coming right at me, and I don't believe that is good for our economy. I don't believe that helps our small businesses.

Again, in Ohio, we have over 9,000 small businesses. Seven out of ten of all new jobs are created by small businesses. America's small businesses are the world's second largest economy, trailing only to the United States as a whole according to NFIB. According to a Zogby poll released last week, nearly two-thirds of Americans, 63 percent of Americans, said that it is small businesses and entrepreneurs that are going to lead this country, lead the U.S., to a better future. Well, you know, while we look at what is going on within this budget, it does not make sense what we are doing.

I had an opportunity on Monday to meet with many of our business folks at a luncheon that was sponsored by the U.S. Chamber. We had the rotary
there, and we had the local chambers there. I had a chance to talk with some of our small businesses about this budget and what we are facing, and they had deep concerns. I mean they are struggling right now. Americans are struggling right now. They are making sacrifices. Businesses are struggling to make it from paycheck to paycheck, payroll to payroll. They cannot get financing. They cannot get the credit necessary to keep their businesses moving forward. What are we going to do? We are going to go out and propose a budget that is going to increase spending, increase borrowing, run our debt up to $3.9 trillion on the conservative side, and increase taxes by $1.4 trillion on all Americans. I believe it is the wrong way to go. I think we can do better. I think the American people expect better and deserve better, and we can produce a better bill than what we have before us.

I thank the gentlelady. I yield back my time, and I thank her for the opportunity to speak today.

BREAK IN TRANSCRIPT


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