[Congressional Record Volume 156, Number 150 (Wednesday, November 17, 2010)]
[House]
[Pages H7524-H7525]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                TAX CUTS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Florida (Mr. Grayson) is recognized for 5 minutes.
  Mr. GRAYSON. Mr. Speaker, sometime between now and December 31 we 
will be discussing tax cuts--specifically, whether to extend the 
President Obama tax cuts for the middle class or whether to extend the 
George W. Bush tax cuts for the rich--and I think it is important for 
people to understand exactly who this money will be received by.
  In the case of the Obama tax cuts, like the child tax credit, it will 
be received by needy parents who need the money in order to pay the 
mortgage, pay the rent, pay their car payments, their credit card 
payments. And in the case of the Bush tax cuts for the rich, it will be 
received by the rich.
  In fact, for the top 1 percent of income in this country, the high 
and mighty, the people who make an average of $1.4 million every single 
year, according to these charts I am about to show, you will see the 
following:
  Mr. Speaker, the Republican plan for tax cuts is to give each 
millionaire, each person who makes $1.4 million a year on the average, 
the top 1 percent of income in this country, the high and mighty, 
$83,347 a year in tax cuts. $83,347 a year, according to econometric 
modeling by Citizens for Tax Justice.
  Let's give some thought as to what the high and mighty might actually 
do with that money.
  Well, here is one possibility. They can buy an $83,000 Mercedes-Benz 
E-Class car not just once, but every single year for the next decade. 
And each year when they get tired of their brand-new Mercedes-Benz E-
Class car, they can just give it to somebody because they can afford 
another one. They can give it to a spouse, a sister, a son, a daughter, 
anybody. Every single year for the next 10 years, the Republican tax 
plan is to give millionaires enough money for a Mercedes-Benz.
  Here is something else they can do with it. They can buy this 
gorgeous Hermes bag, a Birkin, for $64,800, not once, but every single 
year for the next 10 years, to which they will say to the Republican 
party, ``Thank you very much.''
  Here is something else they can do with their money. They can buy 
this bottle of Chateau d'Yquem wine, bottled in 1787, for only $56,588. 
That will leave loose change in their pocket of $25,000. They can buy a 
bottle of wine from 1787 every year for the next decade. Thank you, 
Republican Party.
  Here is something else they can do. They can buy 20,000 jars of their 
favorite mustard, Grey Poupon, 20,000 jars. That is certainly enough 
for them, their family, their friends, even a few poor people. Thank 
you, Republican party.
  Here is something else they can do with the $80,000 that the 
Republican Party wants to put in their pocket every year for the next 
10 years. They can buy 800 cigars. Think about that. That is one for 
the morning and one for the evening, 800 luxury cigars. Then they can 
light each one of those cigars with a $100 bill. Thank you, Republican 
Party. You are letting the rich in this country enjoy two cigars each 
day for the next 10 years and light each one with a $100 bill.

[[Page H7525]]

  Now, I have a different idea. I think it is a better idea. These tax 
cuts for the rich by the Republican Party are going to cost the U.S. 
taxpayers $100 billion a year. Do the math. We have 14 million people 
in this country who are unemployed. We have 13 percent unemployment in 
my district.
  Here is an idea. Let's take that $100 billion and give 3 million 
Americans a job. Let's give 3 million Americans a working wage, an 
honest day's pay for an honest day's work, and that will revive our 
economy. It will immediately reduce unemployment by two points. And 
they will take that money and they will spend it on their rent. They 
will spend it on restaurants in their neighborhood. They will spend it 
on getting their hair cut. They will spend it on their credit card 
payments. They will spend it on the things they need to do to stay 
alive, instead of the alternative, the Republican favorite alternative, 
which is to have them lose their jobs, keep unemployed, and move into 
their cars. That is the better idea.
  I favor jobs, not tax cuts for the rich.

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