OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Providing for Consideration of H.R. 4297, Tax Relief Extension Reconciliation Act of 2005

Date: Dec. 17, 2005
Location: Washington, DC
Issues: Unemployed and Low-Income Entitlements and the Safety Net Higher Education Government Budget and Spending


PROVIDING FOR CONSIDERATION OF H.R. 4297, TAX RELIEF EXTENSION RECONCILIATION ACT OF 2005 -- (Extensions of Remarks - December 17, 2005)

SPEECH OF
HON. BETTY McCOLLUM
OF MINNESOTA
IN THE HOUSE OF REPRESENTATIVES
THURSDAY, DECEMBER 8, 2005

Ms. MCCOLLUM of Minnesota. Mr. Speaker, I rise in strong opposition to the irresponsible Republican tax giveaways proposed in H.R. 4297. The Republican bill provides tax cuts for the wealthy few in our society by slashing critical services for vulnerable Americans and adding to our already exploding deficit.

I am appalled that the majority party has slashed food stamps, health care and student loans for vulnerable and middle-income families to pay for tax breaks for the Nation's most fortunate. The top priority--63 percent of the spending--in the Republican tax reconciliation bill is to extend capital gains and dividend tax cuts from 2008 to 2010.

Forty-five percent of the benefits of this provision will go to millionaires. In addition, this bill, even combined with the devastating cuts, will add $81 billion to the deficit over the next 10 years.

The Republican bill focuses on benefits for their wealthiest contributors and fails to address tax changes that are necessary for the middle class. This bill does not include a provision to protect families from tax increases from the alternative minimum tax. I supported the 1-year fix on the AMT that this House passed because this is a critical issue for families in my district. However, this provision should have been included in this reconciliation package and should have been a priority for this Congress.

In total, the Republican reconciliation package includes tax increases of up to $3,640 for middle income families due to the alternative minimum tax, increases of $5,800 per student for their college education, and a loss of access to health care and nutrition for many struggling families. It also adds to a spiraling deficit already projected to reach $640 billion by 2015. At the same time, Republicans will provide an average tax break of $32,000 to the wealthy few. This is an outrage and should be an embarrassment for this Congress.

Mr. Speaker, America can do better. Congress should put forward a budget that is fiscally responsible, prioritizes our families, and does not threaten our children and grandchildren's future by increasing the Federal deficit.

I urge my colleagues to reject this irresponsible, immoral budget plan.

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