[Congressional Record Volume 158, Number 117 (Thursday, August 2, 2012)]
[Extensions of Remarks]
[Page E1390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          JOB PROTECTION AND RECESSION PREVENTION ACT OF 2012

                                 ______
                                 

                               speech of

                            HON. LOIS CAPPS

                             of california

                    in the house of representatives

                       Wednesday, August 1, 2012

  Mrs. CAPPS. Mr. Speaker, I rise today in support of extending tax 
cuts for middle class families and small businesses.
  I support a plan that allows generous tax cuts for the wealthiest two 
percent to expire, while also ensuring taxes do not go up on those that 
can least afford it. This is the plan that passed the Senate last week. 
And this is the plan that President Obama said he is ready and eager to 
sign should it pass the House.
  Unfortunately, however, this is not the plan being offered by the 
Majority on the floor here today. The Majority's proposal, H.R. 8, 
preserves tax cuts for the wealthiest two percent at the expense of 
middle class families and small businesses.
  It gives, on average, an extra $160,000 tax cut to millionaires while 
raising taxes on 25 million middle class families by an average of 
$1,000 by restricting or eliminating crucial tax credits that middle 
class families depend on to pay their bills and send their kids to 
college, like the Earned Income Tax Credit, Child Tax Credit, and 
American Opportunity Tax Credit.
  This is not the balanced, equitable solution my constituents on the 
Central Coast and the American people are asking for, which is why I 
strongly oppose H.R. 8 and will vote against it.
  I will instead be voting for the substitute amendment, which is 
identical to the legislation the Senate passed last week.
  It extends for one year the current tax rates on income, capital 
gains and dividends for taxable income up to $200,000 for individuals 
and $250,000 for couples. Under this plan, all taxpayers will benefit 
from the tax breaks on income up to these thresholds, and 98 percent of 
Americans and 97 percent of small businesses will see no tax increase 
at all.
  This proposal also fixes the Alternative Minimum Tax for 2012 and 
extends several other important tax provisions that middle class 
families and small businesses depend on, including marriage penalty 
relief, expanded child and earned income tax credits, education tax 
incentives, and small business expensing.
  This is a reasonable, responsible plan that should have bipartisan 
support.
  Democrats and Republicans agree on the need to extend the tax cuts 
for middle class families and small businesses, and this plan does 
exactly that. The substitute reflects this consensus and gives middle 
class families certainty that their taxes will not go up next year.
  We should move forward with what we already agree on instead of 
holding hostage those who can least afford it for the benefit of the 
wealthiest among us.
  We simply cannot afford to continue the tax cuts for the richest two 
percent and leave middle class families with the bill. We have a 
serious deficit problem that requires a balanced solution to ensure 
everyone bears a fair share of the burden. Letting tax rates on the 
richest in our society simply return to where they were in the 1990s, 
when our economy was booming, is one common sense step in that process.
  I urge my colleagues to join me in supporting this balanced approach 
and voting yes on the substitute.

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