BREAK IN TRANSCRIPT
Mr. KIND. I want to thank the ranking member for yielding me this time.
Mr. Speaker, just to set the record straight, the amendment that was offered by Mr. McDermott at the Rules Committee, and what our Ranking Member Levin and we Democrats in the Ways and Means Committee supported, offered immediate expenses, a bonus depreciation for capital investment for small businesses that was fully offset and fully paid for by eliminating the tax breaks that large oil companies are receiving today, who are sitting on record profits, with record high prices. And it wouldn't add a nickel to the deficit.
That's why I adamantly oppose the underlying bill before us today. It's the here-we-go-again syndrome around here. How deep are we going to create this hole? It's a $46 billion tax cut that's not offset, that's not paid for, will go straight to deficit, close to half of it going to millionaires. An average tax savings of over $58,000 is not the way to get this economy out of the hole that it's in. In fact, when the Joint Committee on Taxation and the Congressional Budget Office analyzed the Republican underlying bill, they said this is probably the worst thing for the buck that we can invest in the economy to create the jobs that we need today. Yet, this is a syndrome that happens over and over again from the other side. They support huge tax cuts without paying for them, driving our Nation deeper into debt.
If they think it's worthwhile enough and important enough to invest in, then pay for it. Find offsets in the spending, and let's have that discussion as far as our priorities. But don't go down the easy route of trying to offer this illusion of tax relief to all Americans, especially the iconic small business owner out there, without paying a nickel for it and adding to the budget deficits that are accumulating today.
I tried to explain to folks back home how we got into this hole. Certainly, the most important driving factor is the underperforming economy and the huge recession that we're trying to climb out of right now. But you can also look back at previous policies not so long ago supported by the other side: two huge tax cuts that weren't paid for; two wars that weren't paid for; the largest expansion of entitlement spending in the prescription drug bill that wasn't paid for. It's little wonder we're facing huge deficits.
I reject the underlying bill and support the Levin amendment.
BREAK IN TRANSCRIPT