Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Floor Speech

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Mr. CONYERS. Mr. Chair, I regret that I must rise in opposition to the Middle Class Tax Relief Act of 2010. Today's legislation is fiscally irresponsible and recklessly extends Bush era tax cuts for the rich, the millionaires and billionaires, and establishes an extremely low estate tax rate. However, I am supportive of efforts to extend unemployment benefits.

To add insult to injury, this bill includes not one, but two bailouts for the ultra wealthy. In addition to extending income tax cuts for the rich, this bill reduces the estate tax from 55 percent to 35 percent next year. This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.

I was also dismayed an increase to the debt ceiling was not included in today's proposal. Congress will have to vote to increase the debt ceiling next year. Many in this body would like to hold the debt ceiling vote hostage and demand massive spending cuts and or make the Bush tax cuts permanent in exchange for their votes. We need to show the American people that tax cuts for the wealthy are not free and that they add huge amounts to the national debt.

Just a few weeks ago, this chamber voted separately to extend both middle class tax cuts and unemployment benefits to those who lost their jobs through no fault of their own. While I agree that we need to protect the most vulnerable, the unemployed and working families who need every cent during this time of economic malaise, it is irresponsible to continue Bush era tax rates for wealthy Americans, which are neither justified nor needed, for the next two years. Furthermore, there is no empirical evidence that tax cuts for rich have helped the economy in any tangible way. The Act will steal hundreds of billions of dollars of needed revenue for America's fiscal future.

This compromise bill also includes a two percent employee-side payroll tax cut that I fear will weaken the Social Security trust fund. Today's proposal would deny over $120 billion each year to the Social Security fund and make it easier for conservatives to weaken Social Security's revenue streams in the future. I support giving working Americans extra cash in their pay check, but it should not be taken away from the Social Security trust fund.

Last week, I stated that this tax compromise was a fight for the heart and soul of the Democratic Party. Democrats have always stood for the workers, the disenfranchised, and those who are denied the opportunity to compete for the blessings of the American Dream because of their race, creed, religion, or class. I fear that passage of this bill tonight will tarnish this proud legacy of our party and cause the 98 percent of Americans without estates or astronomical personal wealth to question which party will fight for them. If this bill passes, each and every member of this body should look themselves in the mirror and consider what we have lost in the name of compromise. I encourage my colleagues to reject this flawed bill.''

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