ANNOUNCEMENT BY THE ACTING CHAIRMAN -- (House of Representatives - April 06, 2006)
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Mr. PASCRELL. I hope the gentleman from North Carolina stays on the floor.
You know, I am dismayed because this is the first time in a long time that this branch has upped the President's ante. This budget, the scheme that you defend, might be the only budget proposal in the world which actually manages to be worse than the President's original budget. I want to congratulate you. And that is exactly why the American people have no confidence in your ability to govern any longer.
This 5-year budget scheme will only exacerbate the current regressive tax policies which tax income at a higher rate than assets. You talk about productivity in the last 5 years? Yes, productivity has increased by 8 percent, and wages are flat, flat, flat. Income from work from average Americans can easily be taxed at twice the marginal rate as the income from wealth from millionaires.
You sit there and you stand there and you defend those millionaire tax cuts. Donald Trump is taxed less on all of his investments than Barry the accountant is taxed on his middle income wages.
I am a member of Homeland Security, Mr. Chairman, and let me tell you something, I just heard this budget defended in terms of port security when we know that CBO says that all three major programs are underfunded and the goods that are coming into this country are not screened or examined properly. We had a meeting on it yesterday in case you missed the news.
The reckless tax policies of this budget will only continue to balloon our national debt, which currently stands at over $8 trillion. And they stand and defend this, these austere conservatives. This budget scheme will add an additional $2.3 trillion in debt over 5 years. And by the way, there is no scientific evidence, none whatsoever, that documents any essential relationship between the tax cuts you have defended to those making over $200,000 and the improvement in the economy. Nada, nothing, zero. And yet you keep on referring to this great economy. Why don't the American people feel this great economy? Why do just you feel this great economy?
In total, extending the President's tax cuts for the wealthy will cost $196 billion over only 5 years and $2.5 trillion over 10 years, the end result of which is fiscal madness; that a millionaire gets a tax cut of over $150,000 a year while middle income taxpayers only get a few hundred dollars.
We support those tax cuts to the middle income and to those who are the working poor. We support increasing the strength of the EITC, the Earned Income Tax Credit, which your President Ronald Reagan put together and this President has tried to zero out. You don't want to help people working.
You don't want people to work. You want to harp about public assistance. We want to keep people at work. The Earned Income Tax Credit has not increased, and you should be ashamed of yourselves what you have done to the middle class and what you have done to the poor and burdened their children for generations to come.
I thank the chairman for his courtesy.
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