[Congressional Record Volume 149, Number 73 (Thursday, May 15, 2003)]
[Extensions of Remarks]
[Page E971]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             JOBS AND GROWTH RECONCILIATION TAX ACT OF 2003

                                 ______
                                 

                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                          Friday, May 9, 2003

  Ms. McCOLLUM. Mr. Speaker, the Republican tax cut threatens our 
nation's long-term economic future. It's not fair. It's not fast 
acting, and it's not fiscally responsible. That's why I am voting 
against it today.
  Instead of this irresponsible plan, the House should be passing a 
bill that immediately stimulates job growth and our economy. 
Unfortunately, House Republican leaders silenced democratic debate by 
not allowing an alternative plan or any amendments to be offered in 
place of their reckless proposal.
  I support an alternative jobs and economic growth plan that creates 
1.1 million new jobs, cuts $29 billion in taxes for working families, 
invests in small businesses and provides much-needed financial support 
to states this year. This plan also invests $26 billion in homeland and 
economic security and forestalls state tax increases or service 
cutbacks, which would otherwise deepen the recession and destroy jobs. 
This is an immediate $129 billion boost to our economy.
  More importantly, this package avoids corrosive long-term deficits 
that harm the economy and undermine job growth. This plan pays for 
itself over ten years. Large long-term deficits harm the economy by 
driving up interest rates and undermining business investment and job 
growth. This plan maintains fiscal discipline so we can plan for our 
children's future.
  Unfortunately, the House can't consider this proposal because it is 
being kept from the House floor today. Republican leaders are instead 
pushing a plan that is tilted even more toward the wealthy than the 
President's own proposal, adds billions to already record deficits and 
does nothing to create new jobs for the unemployed.
  Republican leaders want to cut taxes for millionaires while leaving 
middle-income families behind. Their plan reduces the top tax rate on 
both dividends and capital gains to 15 percent. According to the non-
partisan Tax Policy Center, this move saves taxpayers with incomes over 
1 million an average of $42,800. Amazingly, the top 5 percent of 
households receive 75 percent of this plans tax cut benefits. Under the 
Republican proposal, middle-income Americans will only receive $217 
this year.
  We are in danger of piling up $1.4 trillion in new debt over the next 
ten years if we pass these tax cuts today, a huge burden on our 
children's future. Bigger deficits will crowd out other national 
priorities like education, job training, housing and homeland security. 
We still must pay for the war and reconstruction in Iraq and continue 
the war on terror. Big deficits also leave Congress with little room to 
reinforce Social Security and Medicare, especially now when baby 
boomers are about to retire.
  I am extremely concerned about our nation's economy. I cannot 
support, however, saddling our children with massive debt. That is why 
I will continue to support a fair, balanced plan and oppose the 
Republican tax cuts today.

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