[Congressional Record Volume 151, Number 160 (Wednesday, December 14, 2005)]
[Extensions of Remarks]
[Page E2533]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    PROVIDING FOR CONSIDERATION OF H.R. 4297, TAX RELIEF EXTENSION 
                       RECONCILIATION ACT OF 2005

                                 ______
                                 

                               speech of

                          HON. SUSAN A. DAVIS

                             of california

                    in the house of representatives

                       Thursday, December 8, 2005

  Mrs. DAVIS of California. Mr. Speaker, weeks after passing a spending 
bill that failed to reflect our national values, we are repeating our 
mistakes with today's tax cut bill.
  We are once again ``robbing Peter to pay Paul''--only this time we 
have picked the worst possible time to do so.
  The holiday season is supposed to be a time for giving.
  Only this year, it has become a time for giving primarily to the 
wealthiest 20% of American families.
  Upper-income families will not lose much under last month's spending 
cuts bill.
  But they will benefit greatly from today's tax cut package.
  Conversely, lower- and middle-income families will suffer great 
losses under the spending cut bill . . .
  . . . yet stand to gain very little from today's tax bill.
  That's what I call ``Scrooge-onomics.''
  We continue to dig ourselves deeper and deeper into debt.
  The bill before us today comes with a price tag of $56 billion, with 
no means to offset that cost.
  And what do we get in return?
  If you are not among the top tier of wealthiest Americans, not much.
  Thirty-six percent of the cost of this bill goes towards extending 
reduced tax rates for capital gains and dividends.
  That's $20.6 billion dedicated to tax breaks that aren't even 
scheduled to expire until 2008.
  That's $20.6 billion that could be spent on education, worker 
training, affordable housing, or improving the quality of life for 
service members and their families.
  It is fiscally irresponsible to spend $56 billion we do not have on 
those who do not need it.
  And it is unwise to further complicate an already complex tax code to 
do so.
  That is why I am supporting the Democratic substitute to this bill.
  This substitute still extends vital tax cuts but includes offsets to 
pay for the cost, taking the burden off American taxpayers.
  It extends the Work Opportunity Tax Credit and the deduction of 
higher-education expenses.
  It extends the research and experimentation credit and the expensing 
of brownfield sites.
  It protects millions of California's taxpayers by extending sorely 
needed alternative minimum tax relief.
  And, importantly for my district of San Diego, California, it extends 
a critical provision allowing military personnel to elect to include 
combat pay as earned income.
  This allowance will expand the pool of armed services personnel 
eligible to receive the earned income credit, and it will even increase 
this credit for some military families.
  The brave men and women who sacrifice time with their own families to 
protect ours deserve no less.
  Although this bill would be out of place at any time of year, it is 
unconscionable during the holiday season.
  A nation as prosperous as ours should never ignore its weakest 
citizens for the sake of tax cuts for the wealthy.
  I do not believe this bill reflects our priorities as a nation.
  I know it does not reflect my own values.
  Yet it does represent the true colors of the majority party.
  In the spirit of giving, I hope you will join me in opposing a bill 
that regards only the wealthy as worthy of receiving.

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