[Congressional Record Volume 167, Number 151 (Friday, August 27, 2021)]
[Extensions of Remarks]
[Page E931]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]





  PROVIDING FOR CONSIDERATION OF H.R. 4, JOHN R. LEWIS VOTING RIGHTS 
    ADVANCEMENT ACT OF 2021; PROVIDING FOR CONSIDERATION OF SENATE 
  AMENDMENT TO H.R. 3684, INFRASTRUCTURE INVESTMENT AND JOBS ACT; AND 
PROVIDING FOR ADOPTION OF S. CON. RES. 14, CONCURRENT RESOLUTION ON THE 
          BUDGET FOR FISCAL YEAR 2022; AND FOR OTHER PURPOSES

                                 ______
                                 

                               speech of

                       HON. CHRISTOPHER H. SMITH

                             of new jersey

                    in the house of representatives

                        Tuesday, August 24, 2021

  Mr. SMITH of New Jersey. Madam Speaker, Americans simply cannot 
afford S. Con. Res. 14--the Biden-Sanders budget that will authorize 
trillions of dollars in new taxes and spending, and I join my 
Republican colleagues in strongly opposing this irresponsible proposal.
  One of the many egregious provisions in the Biden/Sanders budget will 
make conveyance at death of a small business or family farm to family 
members or loved ones a catastrophic tax event--possibly triggering a 
40 percent death tax that must be paid immediately on how much the 
asset has appreciated.
  Shockingly, this Biden/Sanders new death tax would not be triggered 
by the sale of the business or family farm--instead merely taking 
ownership makes the inheritor liable for the new 40 percent 
confiscatory tax. Many of those who inherit would be forced to sell the 
hereditary asset just to pay the new tax.
  The author of this massive new tax and spend proposal, Bernie 
Sanders--Chairman of the Senate Budget Committee--President Biden and 
the Democratic leadership are ramming this highly partisan bill through 
Congress without serious consideration of its disastrous impact on 
families and the economy.
  My constituents deserve better than this.
  When will we return to working across the aisle in a bipartisan way?
  After all of the suffering and economic pain endured by the people of 
my district and throughout the country during the COVID-19 Pandemic, 
the Biden/Bernie Sanders budget: doubles the capital gains tax to 43.4 
percent, raises the tax rate for many businesses--including at least 2 
million small businesses--from 21 to 28 percent and as I mentioned a 
moment ago imposes a major expansion of the ``death tax'' by taxing 
unrealized capital gains at death.
  Small businesses in particular should not face additional tax burdens 
as they struggle to recover from the COVID-19 pandemic. Organizations 
such as the New Jersey Business & Industry Association and the U.S. 
Chamber of Commerce expressed alarm at these proposals, and the 
National Federation of Independent Businesses stated, ``increased taxes 
on small businesses mean less investment in employees, less investment 
in small businesses, and less economic growth.''
  According to the Senate Republican leadership on the Budget 
Committee, the reckless tax and spend plan includes: $4.2 trillion in 
new spending over 10 years; $3.5 trillion in new mandatory spending; 
$263 billion in new discretionary spending, and $390 billion in 
increased interest on the debt.
  National debt soars to $40 trillion (119 percent of GDP) by 2031.
  Total debt (subject to limit) soars to $45 trillion (134 percent of 
GDP) by 2031.
  Nearly $400 billion in defense cuts compared to current law 
projections.
  Deficits that average $1.6 trillion annually under the plan, reaching 
$2.2 trillion by 2031.
  According to supporting documents provided by Chairman Sanders, the 
$3.5 trillion reckless tax and spend spree will be ``fully offset.'' 
Because the Finance Committee was given a broad reconciliation 
instruction that did not require or disclose a specific level of 
revenue, this can be accomplished entirely by raising $3.5 trillion in 
new truces. There is no restriction on the amount of tax increases 
allowed under this budget resolution or through the fast-track 
reconciliation process.
  Especially in New Jersey, one of the highest taxed states in the 
Nation, taxpayers need relief, not the massive taxes that will be 
levied to pay for this Biden/Sanders budget bill.

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