[Congressional Record Volume 152, Number 56 (Wednesday, May 10, 2006)]
[House]
[Page H2342]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        TAX CUTS FOR THE WEALTHY

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. DeFAZIO. Mr. Speaker, well, it is a big day inside the Beltway 
here, the long-anticipated Republican tax cuts are here, the fifth of 
the Bush Presidency. You would think with huge deficits maybe they 
would reconsider; but no, they are plowing ahead. Tonight, rivers of 
champagne will flow in corporate board rooms across America.
  Under this bill, we will borrow $70 billion and immediately give $50 
billion of it to wealthy investors. We will borrow $70 billion and give 
$50 billion to wealthy investors in big tax breaks to those who clip 
coupons off dividend-paying stocks and capital gains.
  A person who earns $40,000 a year, they might get a $20 break under 
this bill. But those who earn $5 million, $82,000 off their tax bill. 
It is a great country. Yet Republicans couldn't find room in this bill 
for a tuition tax deduction. They had to bump that out. You know, these 
are tough times, people have to sacrifice; not the people in the board 
rooms and not the wealthy investors, but middle class America who want 
their kids to get an education. They couldn't fit it in the bill.
  They are discriminating against wages and salary earners and favoring 
the investors with lower tax breaks. They are borrowing money and 
handing the bill to people who work for wages and salaries. I don't 
think that it is that they really hate wage and salary earners, they 
just favor the wealthy who fund their campaigns.

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