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Public Statements

Job Protection and Recession Prevention Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. NEAL. There's one indisputable fact in this debate today, and that is that the Bush tax cuts used borrowed money.

How much sense did that make to borrow the money to give tax cuts to the wealthiest people in America, the top 2 percent? The argument at the time was simple, that we should give tax cuts to the people at the top because they create jobs for the people in the middle and at the bottom. Fact: the slowest economic growth at any time since Herbert Hoover was President of the United States.

The argument, or the assault on the Clinton Presidency was that he raised taxes of the top bracket, 39.6 percent--22 million jobs; the greatest economic growth spurt in the history of America; a reminder to our friends, an unemployment rate of 3.8 percent.

So borrow the money during the Bush years for tax cuts so that we can give the wealthy--and, my goodness, what a ride they've had for these 12 years. It is unbelievable when you look at what those rate cuts did to people at the top.

We have a responsibility here to protect the middle class from a big tax hike next year. Last week, the Senate passed a bill that would extend tax cuts for 98 percent of the American people, the middle class, and now it's up to the House to provide some certainty to the middle class that their taxes are not going to go up next year. But instead of doing so, what are we doing today, once again? We are having an argument about what to do for that top 2 percent of income earners in America whom our Republican friends can never seem to do quite enough for.

Even more troubling, this tax package ends President Obama's tax cuts that make college more affordable and help working families with children. So not only are we attempting, with their package today and proposal, to hold the middle class hostage to extending tax cuts for the wealthiest, but they want to raise taxes on 25 million families, with an average increase of $1,000.

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Mr. NEAL. We need to extend the child tax credit and the earned income tax credit, and that's what we should be doing today for middle income Americans and provide them with some sense of security and support.

And, my God, can we do any more to help the wealthy in America than what our Republican friends have done?

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