[Congressional Record Volume 156, Number 169 (Saturday, December 18, 2010)]
[Extensions of Remarks]
[Pages E2190-E2191]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 TAX RELIEF, UNEMPLOYMENT INSURANCE REAUTHORIZATION, AND JOB CREATION 
                              ACT OF 2010

                                 ______
                                 

                               speech of

                         HON. JAMES R. LANGEVIN

                            of rhode island

                    in the house of representatives

                      Thursday, December 16, 2010

  The House in Committee of the Whole House on the State of the Union 
had under consideration the bill (H.R. 4853) to amend the Internal 
Revenue Code of 1986 to extend the funding and expenditure authority of 
the Airport and Airway Trust Fund, to amend title 49, United States 
Code, to extend authorizations for airport improvement program, and for 
other purposes:

  Mr. LANGEVIN. Mr. Chair, I rise in support of this tax compromise 
with strong reservations. This bill contains some highly objectionable 
provisions like unnecessary tax breaks for the wealthiest two percent 
of Americans and an estate tax modification that will only benefit the 
richest 6,600 households across the country. These two items alone will 
cost $129 billion, which could alternatively be used for deficit 
reduction. However, I cannot in good conscience allow all of Rhode 
Island's businesses and families to suffer onerous tax increases at a 
time when jobs are scarce and people are pinching pennies just to put 
food on the table.
  Providing tax cuts to millionaires and billionaires is both 
financially unjust and fiscally irresponsible given our current 
budgetary challenges, but this compromise protects 98 percent of 
Americans from significant tax increases set to take effect January 1, 
2011, and has the potential to create the private sector jobs than can 
sustain an economic recovery.
  This legislation extends the 2001 and 2003 tax cuts for all income 
levels for two years, and prevents middle-income Rhode Islanders from 
being hit with higher tax rates under the Alternative Minimum Tax 
(AMT). It also contains several provisions that would assist families 
and stimulate our economic recovery, which has been frustratingly slow 
in Rhode Island as state unemployment has lingered at 12.5 percent.
  This compromise includes a 13 month extension of Unemployment 
Insurance for the thousands of Rhode Islanders who are unable

[[Page E2191]]

to find work. I have spoken to countless constituents who want to work 
and are actively looking for employment, but they cannot find jobs. 
Cutting off their only means of support before the holidays would be an 
unconscionable dereliction of our responsibilities as members of 
Congress.
  Businesses stand to benefit from a two-year extension of the Research 
and Development Tax Credit, incentives for clean energy production, and 
a new accelerated depreciation provision, which will allow a 100 
percent write off of capital expenditures in 2011 and 50 percent in 
2012. These incentives will ease the tax burden on Rhode Island 
companies seeking to expand their operations and grow their business, 
providing an extra boost to our local economy.
  For Rhode Island families, this proposal includes a two-year increase 
of the full Child Tax Credit and Earned Income Tax Credit. Together, 
these provisions will provide ongoing tax cuts to 12 million lower 
income families. In addition, it fully extends the American Opportunity 
Tax Credit for two years to ensure more people can afford higher 
education.
  Finally, this bill establishes a year-long tax holiday, providing 
$112 billion in relief by cutting the Social Security payroll tax by 
two percent. Hard working Rhode Islanders could use a little extra 
income in their pockets--money that will ultimately be spent and pumped 
back into the economy to create more jobs. This temporary measure will 
have no negative impact on Social Security. That said, I will not allow 
this measure to be used as a springboard toward a permanent reduction 
of Social Security tax revenues that threatens the program's solvency 
and breaks the promise we have made to our seniors, veterans and 
disabled Americans.
  Madam Speaker, this compromise is neither a perfect nor permanent 
solution to our economic challenges, but the cost of inaction is 
something I'm not willing to pass along to my constituents. If a better 
deal were possible, I would take it. In fact, I was proud to vote for 
middle class tax relief just two weeks ago, but my Republican 
colleagues rejected this common sense bill and it failed to pass the 
Senate. So now we are faced with a choice--accept this compromise or 
continue playing politics. The time for politics is over. We have less 
than two weeks before everybody's tax burden increases. I urge my 
colleagues to act before our time is up.

                          ____________________