Conference Report on H.R> 4297, Tax Increase Prevention and Reconciliation Act of 2005

CONFERENCE REPORT ON H.R. 4297, TAX INCREASE PREVENTION AND RECONCILIATION ACT OF 2005 -- (House of Representatives - May 10, 2006)

Mr. NEAL of Massachusetts. Mr. Speaker, the gentleman from Arizona said earlier we ought not to penalize success. What they are asking you to do today is to subsidize that success on the backs of working Americans. We are stuck in this situation because of what they did at the end of last year. Their own Members said their cuts were too draconian and hurt too many families, but it allowed them to manipulate the rules so that we find ourselves back here today.

Let us talk about who gets what when this debate concludes. The average American family is going to get $20 with the Republican tax cut. By the way, this is the sixth and seventh tax cut while we are fighting two wars. Where is your conscience when they do not have body armor, they do not have the equipment they need in Iraq where they serve us so honorably while you cut taxes for Wall Street at the expense of Main Street?

Let us talk about that $42,000 that millionaires are going to get with the Republican tax cut and what it means. Think about what you could do with that for student aid, which they trimmed last year; as they cut Medicare, what you could do with that $42,000. They are giving it back to the investors, and where I live $42,000 is annual income for thousands of families. They are giving it back to millionaires with their tax cuts. And $42,000 is what we pay an enlisted soldier with 3 years of experience, and they are giving the $42,000 back to millionaires.

$42,000 as they cut Medicaid, $42,000 as they argue that it is okay to trim Medicare. It is $20 for those of you who go to work every day in America. You know what that means with this administration and this Congress, that is 6 gallons of gasoline. Where does it all end with their tax cuts?

BREAK IN TRANSCRIPT

http://thomas.loc.gov/