Protecting Americans From Tax Hikes Act of 2015

Floor Speech

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Ms. SEWELL of Alabama. Mr. Speaker, today I rise to express my strong concerns for the ``Protecting Americans from Tax Hikes Act of 2015.'' I want to commend Ranking Member Levin and the Democratic leadership for their strong, unwavering support for hard-working families across our country during these difficult negotiations for a comprehensive tax extenders package. While I support a strong tax policy that provides certainty to individuals and American businesses, I have a number of concerns with respect to the final provisions of the package and the ultimate cost of the bill. Our nation's tax code should continue to evolve in order to reflect and meet the challenges facing modern businesses. It should also create opportunities for growth, without undermining critical social programs that benefit all Americans. This package includes several provisions I strongly support, including permanent expansions of the earned income tax credit, the child tax credit, and the American opportunity tax credit. The package also provides a two-year moratorium on the medical device tax and extends the work opportunity tax credit to help employers that hire Americans who have faced significant barriers to employment. This bill also provides incentives to individuals for charitable contributions and for businesses to continue to invest in critical research and development. However as with most legislation, these tax cuts and extenders have a huge price tag. The Joint Committee on Taxation (JCT) estimates that the provisions would reduce net revenues, and thereby increase deficits, by a total of $622 billion over 10 years. I am deeply concerned that passing this tax extenders package without offsetting its cost would greatly undermine our ability to make key discretionary investments in the future that would hinder job creation, and lessen opportunities that make the American dream possible for millions of families across our great nation. We know that every dollar in lost revenue must be made up somewhere else in the budget. And far too often, my Republican colleagues have sought to do this by reducing spending in critically important domestic spending programs such as infrastructure development, education, social security, and increased healthcare access. As Members of Congress, it is our responsibility to pass sensible and pragmatic legislation that not only aids industry, but also grows the paychecks of hard-working families and invests in the future of our children. We must weigh this tax extenders package against its long- term impact on Congress' ability to help businesses create jobs and opportunities, grow our economy, invest in our aging infrastructure, strengthen our national security, and provide our senior citizens with the opportunity to retire with dignity. The American people deserve a more balanced bill that offsets its cost, and helps both individuals and businesses equitably across the board. I urge my colleagues to review this legislation carefully, with a focus on our nation's future.

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