The Elephant in the Room

Floor Speech

Mr. PASCRELL. Mr. Speaker, today I rise to address the elephant in the room--the expiration of the tax rates that will occur 31 days from now.

We all agree that it is imperative that we work together to provide America's working-class families with tax relief as soon as possible. That is why I applaud the President for meeting with Members from the House and Senate in order to forge a bipartisan compromise.

But to be fair, this past September, I, along with Messrs. Capuano, Higgins and Owens, proposed a compromise that provides tax relief for American families and that gives Congress the fiscal flexibility to address our long-term deficit. I am proud to say that the Joint Committee on Taxation has confirmed that this plan costs significantly less and provides greater flexibility to reduce the national debt.

Our compromise includes a 5-year extension of the middle class tax rates and the current rates on long-term capital gains and qualified dividends, costing $801.5 billion; and a 1-year extension of the current rates for income earned between $250,000 and $500,000, costing $8.27 billion.

This plan is better than the $2.2 trillion over 10 years which is now before us. It is a compromise, and we ought to try it sometime.

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