[Congressional Record Volume 158, Number 118 (Friday, August 3, 2012)]
[Extensions of Remarks]
[Page E1432]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          JOB PROTECTION AND RECESSION PREVENTION ACT OF 2012

                                 ______
                                 

                               speech of

                         HON. LAURA RICHARDSON

                             of california

                    in the house of representatives

                       Wednesday, August 1, 2012

  Ms. RICHARDSON. Mr. Speaker, I rise in opposition to H.R. 8, the Job 
Protection and Recession Prevention Act of 2012. I oppose this bill 
because it extends the 2001 and 2003 Bush tax cuts to millionaires who 
do not need it, have not requested it, and at a time when the nation 
cannot afford it.
  The extension of this 2001 tax policy would keep the rates of all tax 
brackets at a reduced level. While this reduced level would keep more 
funds in the hands of American families, it provides for a 
disproportionate distribution of the tax burden on different income 
levels. These reduced rates give a greater break to the incredibly 
wealthy, placing unfair monetary responsibility on the middle class.
  The extension of this tax policy also maintains a lower rate on 
capital gains, and taxes dividends at the same rate as capital gains 
instead of as ordinary income. In addition, this extension lowers the 
estate tax. Lower rates on such incomes further burden the middle 
class, as they further relieve the incredibly wealthy from their duty 
to give back to this country. As a result of these policies, the 
average income tax cut for households making more than $1 million a 
year would be over $74,000 in 2013.
  Concurrently, as a result of H.R. 8, some of the tax cuts for working 
families which were adopted in 2009 would be allowed to expire, and 
eligibility for the Earned Income Tax Credit and the Child Tax Credit 
will be reduced. This bill also ends the American Opportunity Tax 
Credit, 85 percent of the benefactors of which made less than $100,000 
a year. These actions will effectively raise taxes on 25 million 
middle- and low-income households by an average of $1000.
  The conversation surrounding our nation's tax policies has focused on 
ensuring that tax cuts for the middle class are extended. It has been 
made clear, on both sides of the aisle, that this is imperative not 
only to helping American families get back on their feet, but also to 
the continuing recovery of the United States economy.
  Unfortunately, my Republican colleagues are determined to use these 
middle class tax cuts as leverage to make sure that the Bush-era tax 
cuts for the wealthy are extended. They use top-down economics as the 
argument for the validity of these cuts--that they help to restore our 
economy and reduce the unemployment rate, because the individuals 
earning incomes in the top two percent are ``job creators.'' Contrary 
to this claim, the facts demonstrate that fewer than 35 percent of 
small business owners make over $250,000 a year. Allowing the Bush tax 
cuts for the upper class to expire would not affect the vast majority 
of ``job creators'' in the American economy, but it would help relieve 
the tax burden of working families.
  Mr. Speaker, I oppose H.R. 8 not only because the policies included 
within it would inflict an unbalanced tax burden on working families, 
but also because it will prevent this Congress from helping to reduce 
America's budget deficit. My colleagues across the aisle consistently 
claim they are committed to reducing our deficit, yet they have fought 
to pass this bill, extending Bush's tax cuts for the wealthy. If we 
were to let these cuts expire, our deficit could be reduced by $50 
billion in 2013 alone. Simply stated, the tax plan laid out in H.R. 8 
will not raise adequate revenue to fund our national priorities or 
repay our debt.
  Instead of arguing over tax cuts for those individuals who don't need 
our help, this Congress should be working across the aisle to create a 
fair, comprehensive tax reform that unburdens our working families. The 
conversation should be focused on continuing to rebuild our economy and 
reduce our deficit, not give handouts to the wealthy few. When a bill 
that outlines real, fair tax reform comes up for consideration on the 
Floor, I will support it.
  Mr. Speaker, it is for these reasons that I urge my colleagues to 
join me in opposing H.R. 8, the Job Protection and Recession Prevention 
Act of 2012.

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