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Providing an Incentive for Businesses to Bring Jobs Back to America

Floor Speech

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Date:
Location: Washington, DC

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Mr. McCONNELL. I am glad my friend the majority leader has dropped his earlier opposition and now wants to make an effort to set up these votes on this important issue. On Monday, the President said that if the Senate passes his tax hike on small businesses he would sign it right away. So I am glad the Senate will have a chance to beat that bad idea that will raise taxes on nearly 1 million small businesses.

I will be happy to take a look at what my good friend the majority leader is offering, but I cannot at this time agree to lock in a vote at an indeterminate time on a proposal that has not yet been written. My good friend has had all day to come up with a written proposal, but I gather that so far they have been unable to do so or, if they have, we certainly have not seen it. Our proposal is drafted and filed and has been available for all to see.

My goal here--and it is one that I laid out several weeks ago--is that we act now to ensure that no one's income taxes go up January of next year. The mere threat of this tax increase is already a drag on our economy and I do not plan on standing by and letting that tax increase go into effect.

So we would be happy to set up a vote on this issue as soon as the majority leader produces a bill to show us what tax increases they have in mind. I want to make sure that everyone understands the differences in our positions. My goal--and I hope it is one that is shared by a majority of Senators--will be to enact a bill that protects small businesses by extending current income tax rates for 1 year to ensure that no one in America sees an income tax hike in January, and tasking the Finance Committee to produce a bill that would enact fundamental progrowth tax reform. Their goal will be the President's proposal to raise taxes on nearly 1 million business owners in the middle of the worst economic recovery in modern times.

The Senate ought to make absolutely clear which policy it supports. I look forward to having the chance to do that, but until that time, until we actually have a product we can take a look at, I cannot agree to this request, and therefore I object.

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Mr. McCONNELL. Mr. President, one other brief observation. I have already objected, but one other brief observation. The consent that I objected to also chose for us the amendment we would get to have, and of course that is not an agreement the Republican side would feel we would want to be a part of.

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