BREAK IN TRANSCRIPT
Mr. SCHOCK. Mr. Speaker, I appreciate my distinguished chairman yielding time.
I can understand why the American people are frustrated. We have a President who, from day one, campaigned on raising taxes, raising taxes, then became the President of the United States, and his party in the House and his party in the Senate, they've talked about raising taxes. All the while, we've had a down economy. All the while, we've had unemployment above 8 percent. Yet the interesting thing is that, when the same Democratic Party controlled the House of Representatives and controlled the United States Senate for 2 years, they decided not to implement the Buffett tax.
They decided not to increase taxes on Americans.
Why? Because they know what we know and they know the truth, and that is that raising taxes will hurt the economy, that raising taxes is not what you do when you want to put people back to work. It's bad policy. It's why a year ago, despite all the rhetoric against the Bush tax cuts, despite all the rhetoric against the '01 and '03 rates, this same majority in the United States Senate and this same President said--what? President Obama said, Now is not the time to increase taxes on any American. A year ago.
If that were good policy a year ago, I might submit to you that it's good policy today. I don't know many Americans who believed a year ago that the economy was in any worse of a situation than it is in today. Raising taxes is not good policy on any American. If ever there were a starker contrast between the two visions for America, if ever there were a starker contrast between the Republican Party and the Democratic Party's visions on how to get the economy going, it is what's happening today in Washington, D.C.
Across this hallway, in the United States Senate, they are attempting to raise taxes on America's small businesses--yes, pass-through entities that pay a rate and take that capital away from them and their ability to invest in capital, in their ability to hire workers. Here in the House of Representatives, we are trying to do the opposite. We're saying that we're listening to these job creators, that we're listening to these people who actually do the hiring.
Do you know what they're saying? Their access to capital is drying up, and the cash in their bank accounts doesn't quite meet their needs each month. They need more capital to be able to go out and hire people. They need more capital to be able to go out and buy equipment.
So that's what this targeted tax cut is. It's not for the big corporations. It's targeted at people who have fewer than 500 employees. And guess what? You can have whatever opinion you want on the political ideology. You can't have your own facts, and the facts are these:
Over the last 2 years, seven out of 10 jobs created in this country were created by people who employ fewer than 500 people, the very people this tax bill is targeted at. Second, you can't throw up your hands and wonder why America's job creators are not hiring, why unemployment continues to be above 8 percent for the longest time in our country's history while at the same time advocating policies that will drive a stake into the heart of our economy and our small businesses.
This tax policy targeted at America's small businesses will give them the capital they need to stay in business, to hire those additional workers, to invest in additional capital, and maybe even to prevent layoffs, maybe even to prevent somebody from having to go on the unemployment line. It is the right policy. I wish that our friends on the other side of the aisle would embrace the policy that they had a year ago, which is that tax increases on any American is a bad policy in a down economy.
BREAK IN TRANSCRIPT