Last week, the House voted on what Republicans are calling a small business tax cut. I'm calling it a bait and switch.
That's because half of this so-called small business tax cut will go to the ultra-wealthy -- not into the pockets of small businesses that are working to keep our economy afloat. In fact, under their plan, Larry Flynt Productions and Paris Hilton Entertainment would be eligible for a tax cut. Also, companies that fire or lay off an American worker and outsource that job would qualify. This just doesn't add up. We need to help companies grow in this country -- not incentivize them to leave.
What's worse is that Republicans claim that we can't afford to preserve the Medicare guarantee at the same time that they slash benefits for seniors in order to pay for a tax cut for the nation's wealthiest. This bill is not paid for and adds $46 billion to the deficit. But if you're a senior on Medicare, the Republican budget costs you an extra $6,000 to pay for your health care.
In addition, my Republican colleagues voted not only to create tax cuts for the wealthiest - they voted down a measure that would prohibit tax cuts for lobbyists, businesses that offshore jobs, and companies that violate the Iran Sanctions Act.
We need to be promoting budget solutions that strengthen the middle class without dismantling Medicare. I voted for the Democratic alternative to the GOP's small business tax plan which would give small businesses that make capital investments a tax deduction. This plan will only apply to businesses in the United States and will stimulate job creation and economic growth at home. Not only would this benefit the businesses buying that equipment, but it also boosts the bottom line for American companies that manufacture those goods.
Some of my colleagues might call the Republican plan a small business tax cut. But for seniors and the middle class, it's more like Republicans are giving away the store.
To see my floor speech in opposition to this bill, please visit my website.
Member of Congress