BREAK IN TRANSCRIPT
Mr. GENE GREEN of Texas. Mr. Speaker, I rise in opposition to H.R. 9, the legislation before this chamber today that would provide a one-time tax windfall in the tens of thousands of dollars to entertainers, sports franchises, smut peddlers, and other wealthy business owners, while doing little to create jobs for struggling middle-class America and adding $46 billion to the national deficit.
My colleagues on the other side of the aisle are bringing this legislation before the House in the name of tax relief for small businesses and job creation.
I would happily vote in favor of legislation that provided targeted relief to small businesses and spurred much-needed job creation in my district and throughout the country.
Unfortunately, H.R. 9 would do no such thing. In fact, the Joint Committee on Taxation stated, ``the effects of the bill on economic activity are so small as to be incalculable.''
Similarly, a report last year by the Congressional Budget Office rated the approach taken in H.R. 9 to be one of the least cost-effective ways to encourage growth or create jobs in a weak economy. CB0 estimated that this legislation's approach would create one job or fewer per $1 million of budgetary cost.
However, H.R. 9, if enacted, would be a boon to wealthy taxpayers. Nearly half of the benefit would go to individuals with incomes of over $1 million.
Seventy-six percent of small business employers have incomes below $200,000, but this group only received 16 percent of the benefit under H.R. 9. And 55 percent of small business employers have incomes below $100,000 but this group receives only six percent of the total benefit.
At a time when our Nation must tackle its growing deficit, and push further job creation, the last thing this Congress ought to do is give expensive handouts to the richest individuals in our society.
Instead, this Congress ought to be debating on how to deliver targeted job creation legislation and protect essential safety net programs, like the Supplemental Nutritional Assistance Program and Medicaid, which this House recently voted to cut in the hundreds of billions of dollars over the next decade in the name of ``deficit reduction.''
I call on my colleagues on both sides of the aisle today to stand for commonsense fiscal principles and targeted job creation and vote against H.R. 9.
BREAK IN TRANSCRIPT