[Congressional Record Volume 150, Number 130 (Monday, October 11, 2004)]
[Extensions of Remarks]
[Pages E1945-E1946]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   CONFERENCE REPORT ON H.R. 4520, AMERICAN JOBS CREATION ACT OF 2004

                                 ______
                                 

                               speech of

                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                       Thursday, October 7, 2004

  Ms. SCHAKOWSKY. Mr. Speaker, I rise today in opposition to H.R. 4520, 
the so-called American Jobs Creation Act, because it is just another 
example of the Republicans' seriously misplaced priorities. Instead of 
closing corporate tax loopholes to fund housing, education, and 
veterans' programs, the Republicans decided to give 276 new tax breaks 
in industries from oil and gas corporations to tackle boxes and ceiling 
fans makers. Instead of encouraging companies to create jobs in the 
U.S., the Republicans chose to reward companies that export jobs 
overseas. Instead of helping six million working families make ends 
meet, the Republicans decided to strip the overtime protections in the 
Senate bill and erode the 40-hour work week. Instead of regulating 
tobacco, a drug that kills 400,000 people every year, the Republicans 
gave tobacco companies a bail out. It seems the Republicans are 
interested in helping big businesses avoid paying their fair share of 
taxes and subsidizing the tobacco industry, even if it is at the 
expense of American workers and families.
  The Republicans rammed through those corporate taxes cuts, although 
corporate taxes are at their lowest level since the 1930s. The

[[Page E1946]]

Government Accountability Office recently revealed that over 60-percent 
of large corporations do not pay any taxes. In fact, a recent study of 
275 of the Fortune 500 companies revealed that those companies alone 
have avoided paying over $175.2 billion in owed taxes.
  The Republicans claim the tax cuts for corporations in H.R. 4520 will 
not add to the largest deficit our country has ever faced. However, a 
study by the Center for Budget and Policy Priorities reveals that once 
all their cost-hiding gimmicks are stripped away, this bill will put us 
at least $80 billion more in debt than we are today. The increase in 
debt will mean more cuts to vital programs, such as children's health 
care and homeland security. This new round of tax cuts is a 
continuation of the failed Bush economic policies that turned a federal 
surplus into deficit. We do not need more of the same, we need a new 
direction.
  We have lost a net total of over one million jobs since President 
Bush took office. With the passage of H.R. 4520, we are at risk of 
losing even more American jobs. H.R. 4520 adds even more incentives for 
corporations to ship jobs overseas. But, not only are Republicans 
intent on aggravating our already dismal jobs picture, they are also 
acting to severely undermine the quality of jobs that do stay in our 
country.
  The few new jobs that have been created in the past few months pay an 
average of $9,000 less than the jobs they are replacing and many lack 
affordable health benefits. Yet, the Republican conferees rejected a 
Senate provision in H.R. 4520 that would have restored six million 
workers' right to overtime that the Administration took away earlier 
this year. The Republicans have total disregard for the fact that costs 
for basic necessities, like health care and energy, have skyrocketed 
and that families must make do with much less income.
  What H.R. 4520 did include was a $10 billion bail out for the Big 
Tobacco--that is equal to the tobacco industry's advertising budgets 
for one year. In another win for the tobacco industry, the Republicans 
refused to include the Senate to allow the Federal Drug Administration 
to regulate tobacco products. According to recent statistics, more than 
400,000 people die each year from tobacco-related diseases and, if 
action is not taken, more than five million children living today will 
ultimately die as a result. We cannot afford this loss of life or the 
$89 billion in annual public and private health care costs attributable 
to tobacco. The passage of H.R. 4520 shows that not only do the 
Republicans have complete disregard for our fiscal health, but our 
children's physical health as well.
  H.R. 4520 is a shameful bill that will make millions of Americans pay 
through cuts to vital programs, like health care for children and 
heating assistance for seniors, cuts to U.S. jobs, and cuts to workers' 
protections in order to subsidize big business and special interests.

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