[Congressional Record Volume 163, Number 181 (Tuesday, November 7, 2017)]
[House]
[Page H8529]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 TAX PLAN DOES NOT ELIMINATE LOOPHOLES

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Texas (Mr. Al Green) for 5 minutes.
  Mr. AL GREEN of Texas. Mr. Speaker, it is always an honor to stand in 
the well of the House and have the opportunity to speak to not only the 
Members of Congress, but to the American people.
  Today, Mr. Speaker, I rise because I am in opposition to a tax plan 
that has been said to eliminate loopholes, but has not done so.
  Let me explain, Mr. Speaker. I will address but one loophole. I will 
address the loophole that allowed a person who made $3 billion one 
year--by the way, I don't begrudge him for making $3 billion. I like to 
see people make as much as they can make in this country, but I also 
think that every person ought to pay for his or her fair taxes on 
whatever they earn. This person made $3 billion.
  How much is $3 billion?
  Well, let me explain. Mr. Speaker, $3 billion, it would take a 
minimum-wage worker working full time, Mr. Speaker, 198,000 years to 
make $3 billion; 198,000 years. I don't begrudge a person for making 
it, but here is the point: if you make it, you ought to pay your fair 
share of taxes on it.
  This country makes it possible for us to do great things. This 
country makes it possible for us to succeed. So if you have succeeded 
in this country, you ought to contribute to the country itself. He made 
$3 billion and paid taxes that were called carried interest. He did not 
pay ordinary income taxes. In fact, he paid less than half of what a 
person making much less--persons who may have worked for him, maybe a 
secretary, maybe somebody who was making money at a much lower level in 
that company--paid less than half in taxes in terms of the amount to be 
paid, the percentage of the earnings; less than half of the ordinary 
income tax.
  It is called carried interest. Well, the commitment was that you were 
going to close loopholes. You haven't closed that loophole. You haven't 
eliminated that loophole. I know that there is talk about reducing the 
size of a big loophole and making it a little less big, but that is not 
what you promised. You said you were going to eliminate the loopholes. 
This loophole sends a signal to ordinary Americans who are working hard 
every day. It says to them that you are willing to allow the rich to 
have more to do more, but you believe that those who work hard every 
day can do more with less.
  Mr. Speaker, I refuse that philosophy. I reject it. I believe that if 
you are working hard every day, if you are earning middle class wages, 
you ought to be able to get the tax break promised. I don't think that 
the tax break should go to the person who can make $3 billion and pay 
less than half of ordinary income tax on it.
  Carried interest was a commitment that was made. The elimination of 
carried interest has not taken place. You have not kept your word. 
There are many other aspects of it. You can't talk about all of them in 
one message. But you can do this: you can make it clear to working 
class people, to middle-income people, that this tax plan is for those 
who are going to make the carried interest kind of money, the $3 
billion, the money that will allow them to go on and do great things, 
but won't cause them to have to pay their fair share of taxes.
  Mr. Speaker, I believe in fairness for all, and that includes the 
very, very rich.

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