Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010

Floor Speech

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Mr. DAVIS of Kentucky. Mr. Chairman, today we debate legislation to prevent taxes from increasing on all taxpayers as our economy struggles to recover. We know without any doubt that virtually all Americans will be forced to send more of their hard-earned dollars to Washington on January 1, 2011, if we fail to act.

Although this legislation is not perfect in my estimation, the package does provide a measure of certainty and predictability that will allow broader debate in the coming Congress without immediately damaging our fragile economy. This package will prevent devastating tax increases from falling on the backs of hardworking Americans, small businesses, and job-creating investments.

This imperfect legislation represents the best agreement that can be reached by Republicans and Democrats determined to avoid the shock to our economy that would come from increasing taxes on the American people and many of our job creators. A vote against this agreement, which would prevent the largest tax increase in history, is really a vote for a $3.8 trillion job-killing tax increase. Regardless of what side of the aisle the opposition comes from, they're willing to accept the proposition that taxes will increase for all Americans. They may hope to gain political points, but I am not willing to let perfect stand in the way of good when it comes to matters that negatively impact the paychecks of Kentuckians.

Earlier this week, this package earned the bipartisan support of more than 80 Senators. If we fail today, middle class families will see roughly $100 per week taken out of their paychecks. Increasing taxes now will cause more pain for families with tight budgets, force small businesses to cut more employees, and further slow economic growth throughout the Nation.

Critics of extending the tax cuts for Americans have suggested that the cost will add to the deficit in coming years. While taxing is a functioning of government, the Federal Government is not entitled to any specific amount of revenue from the American people. What is the ``cost'' of letting Americans and job creators keep their own money? Because of budgetary gimmicks in Washington, many Members of Congress have lost sight of the fact that the money Congress spends comes from the American people, is owned by the American people, and the debt we accrue falls on their shoulders. Instead of following the budgetary common sense possessed by most Americans, Democrats and Republicans in Congress have routinely spent well beyond their means.

Now, many of my colleagues are looking to the pockets of the American people to foot the bill rather than making tough choices to cut spending in Washington. If less tax revenue is coming into the Treasury, Congress has an obligation to spend less. Democratic leadership in the House refuses to accept that proposition. Rather than take steps to solve excessive congressional spending, Democrats in Congress have had one response to the problem of our mounting debt: send more money.

Americans have lost faith in the ability of their Federal Government to demonstrate fiscal responsibility and self-control. Why would they trust those who claim the tax increases are the answer to our fiscal problems? With the tax record of this Congress, increasing taxes is tantamount to entrusting your teenager with a credit card.

This past November, voters sent a clear message, a restraining order on Washington: stop the political games with our economy, restore fiscal sanity to Washington, and create certainty and stability in our markets. American families and small businesses can't afford for Congress to play chicken with their hard-earned tax dollars rather than renewing the expiring tax cuts. Therefore, if Congress chooses to ignore the demands of the people, dragging the debate into the next year, the result will be more money taken out of American families' paychecks, impeded job creation, and more partisan political bickering.

Were I drafting this legislation, I would repeal the AMT, permanently abolish the estate tax, make the tax reductions permanent for all Americans, and insist that the unemployment compensation be offset by commonsense spending reductions. However, President Obama has made it clear that he won't sign an extension of current tax relief without the unemployment provisions or that makes the 2001 and 2003 tax relief permanent. Congress
must develop and adopt a workout plan to eliminate the deficit just like any business or family in financial trouble.

Congress must learn from the mistakes epitomized by Washington's ``bailout'' culture and support policies to increase American competitiveness and improve the economic climate for entrepreneurs and small businesses. The road to prosperity allows you to take more home to your family and enjoy the economic freedom that historically has been a hallmark of American culture.

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