[Congressional Record Volume 156, Number 169 (Saturday, December 18, 2010)]
[Extensions of Remarks]
[Page E2200]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




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

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                               speech of

                           HON. EARL POMEROY

                            of north dakota

                    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. POMEROY. Mr. Chair, I rise today in opposition to the Senate 
amendment to the House amendment to the Senate amendment to the bill 
H.R. 4853--Tax Relief, Unemployment Insurance Reauthorization, and Job 
Creation Act of 2010.
  I believe it is important that we extend the so-called Bush tax cuts 
for everyone while our economy is still struggling to recover, and as 
long as we can pay for it. This bill as presented to the U.S. House 
does not meet that test. I am especially disappointed in the provision 
on the estate tax. I cannot in good conscience cast one of my last 
significant votes in Congress in favor of a bill that would add tens of 
millions of dollars to the Federal deficit to benefit the wealthiest 
few families in the country.
  The payroll tax holiday provision included in this package is also 
troublesome since for the first time in 75 years, the sacrosanct, 
dedicated revenue stream to provide Social Security benefits is 
diverted for other purposes. While we have fully protected the Social 
Security Trust Fund in the legislation and there will be no change in 
how much money is in the Trust Fund, I am concerned that proponents of 
private accounts will argue to continue this diversion of the payroll 
tax beyond one year--perhaps even putting the money into private 
accounts. At a time when we know that the long term solvency of Social 
Security will need either greater contributions or significant 
reductions in benefit, providing a payroll tax holiday is clearly a 
move in the wrong direction.

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