[Congressional Record Volume 157, Number 148 (Wednesday, October 5, 2011)]
[Extensions of Remarks]
[Pages E1774-E1775]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF THE FAIRNESS IN THE AMERICAN TAX CODE ACT OF 2011

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                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                       Wednesday, October 5, 2011

  Mr. HASTINGS of Florida. Mr. Speaker, I rise today to introduce the 
``Fairness in the American Tax Code Act of 2011.''
  During these difficult economic times, the wealthiest of Americans 
should be paying their fair share in taxes. Our nation's unemployment 
rate is over nine percent and yet, we have the lowest tax rates in 
decades. Why are we giving tax breaks to Wall Street CEOs and Big Oil 
Executives, instead of helping the millions of Americans who are 
struggling.
  Thanks to loopholes in the tax code, M. Speaker, the rich keep 
getting richer. The top one percent of earners are responsible for 20 
percent of the nation's annual income, up from 10 percent in 1981. The 
wealthiest CEOs are paid 400 times what the average worker earns. Only 
30 years ago, it was 20 times as much.
  Since President Ronald Reagan started lowering tax rates up until 
President George W. Bush slashed capital gains and income tax rates for 
the wealthy to their current historic lows, the wealthy have continued 
to pay less and less in taxes. As I travel throughout my district, into 
areas where the unemployment rate is over 40 percent, I ask myself 
where are the jobs and where did all the money go?
  Americans in the highest tax bracket are supposed to pay 35 percent 
of their income in taxes. However, since President Bush slashed the 
capital gains rate to 15 percent, the top 400 wealthiest Americans, for 
example, pay only 15 percent in taxes on 80 percent of their income. As 
the law is currently written, any wealthy American paying the full 35 
percent needs to get a new accountant.
  My bill simply asks the wealthiest to pay their fair share. It 
produces a progressive ``job creation'' surtax for those making more 
than $350,000. The surtax increases gradually until those with incomes 
over $10 million are paying the same amount on all their income as the 
legally required statutory rate. M. Speaker, it is time for the 
wealthiest of Americans to pay their fair share in taxes.
  An editorial in the New York Times recently noted: ``Critics also 
claim that raising the capital gains rate would hamstring investment. 
But economists studying the historical record have concluded that the 
effect is small, dwarfed by considerations like profit growth. The 
truth is that despite the current low tax rates, American businesses--
small and big--are investing very little. Business surveys show that 
the main reason is that there are very few customers with money to buy 
their products.''
  The wealthiest Americans have rigged the tax system in their favor to 
the detriment of the middle class. They've changed the rules to their 
own financial advantage. My bill will make our nation's tax code 
fairer.
  Mr. Speaker, investing in America is the only way that we are going 
to create jobs. The Fairness in the American Tax Code Act of 2011 
ensures the investments made for strictly personal gains are 
investments that will actually create jobs in America. I hope my 
colleagues on both sides of the aisle will join me

[[Page E1775]]

in supporting this critically important piece of legislation that will 
help to put our nation's economy back on track.

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