Concurrent Resolution on the Budget for Fiscal Year 2012

Floor Speech

BREAK IN TRANSCRIPT

Mr. RIBBLE. Mr. Chairman, I rise today in opposition to the Congressional Progressive Caucus substitute budget. One of the concerns I have as an American citizen and a small business owner for 30 years is this document right here. This is the Internal Revenue Code. It is 9,959 pages long. This plan that is offered up today will add hundreds if not thousands of pages of additional complexity.

Recently, we all heard about a large U.S. corporation that had billions of dollars in profits and paid zero taxes. Mr. Chairman, the reason they were able to do that is because their attorneys knew what was buried in this document. Do we really need to make it more complicated and more complex? I think not.

I also oppose this because they talk about the benefits to lower income Americans. Yet by removing the 2001 and 2000 tax credits and tax rates and returning them to their previous levels, you will increase on the poorest Americans from 10 percent to 15 percent, a full 50 percent increase in their tax rates. On top of it, small business owners will see their tax rates go to 45 percent.

Think of the small business owner in northeast Wisconsin, who will also pay an 8 percent State income tax, will pay a 5 or 6 percent sales tax, will pay 50 cents a gallon gasoline tax, will pay property tax, will pay FICA tax, will pay Social Security tax. I'm beginning to wonder if all they will do in their life is pay taxes.

I urge my colleagues to reject this proposal.

BREAK IN TRANSCRIPT

Source