Setting Forth the Congressional Budget for the United States Government for Fiscal Year 2022 and Setting Forth the Appropriate Budgetary Levels for Fiscal Years 2023 Through 2031
Floor Speech
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Mr. WYDEN. Madam President, Senate Democrats take a backseat to no one in standing up for family farmers, ranchers, and small businesses. In fact, President Biden has made it clear that any changes to stepped- up basis will provide durable protection for family farmers, ranchers, and small businesses.
Speaking for myself, Senator Cortez Masto and Senator Tester, we are following through on that Biden pledge because it is both fair and common sense.
Now, capital gains reform is about ensuring that the wealthiest pay their fair share. On our watch, multibillionaires cannot plant a few tomatoes and call themselves a family farmer.
I will vote for the Thune amendment as well as the important Cortez Masto-Tester-Wyden amendment that will be taken up next. Vote on Amendment No. 3106
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Mr. WYDEN. Colleagues, a decade of Republican budget cuts to the IRS has resulted in rampant tax cheating at the top. Tax enforcement is going to require new resources and new tools to crack down on the high- flying tax cheats.
The Crapo amendment would, for all practical purposes, preserve the status quo--the status quo that has contributed to the trillion-dollar tax cap mushrooming and growing bigger.
This amendment would make it harder to root out tax cheating, and it is unfair to working Americans who pay their taxes automatically out of each paycheck.
Shortly--and we are going to reject the Crapo amendment--I will offer an alternative that will protect the little guy without forfeiting the chance to go after the big tax cheats, the wealthiest.
I urge the vote. Vote on Amendment No. 3099
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Mr. WYDEN. I call up my amendment No. 3365 and ask that it be reported by number.
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Mr. WYDEN. Mr. President, the IRS Commissioner told the Senate Finance Committee that, in his judgment, the tax gap--the difference between taxes paid and taxes owed--is as much as $1 trillion a year. Current tax gap estimates likely miss a large number of the high flyers who clearly are driving this tax gap up and up.
Taxpayers acting to conceal this income from tax authorities are going to have a much tougher time if the Congress requires that financial institutions take practical and reasonable steps to require that financial institutions report on financial accounts.
Our interest on our side is to go after the big guys who generate significant inflows and outflows of cash and other assets, and we do it in a way that protects privacy and sensitive taxpayer and small business tax information. And this privacy issue has been one of the most important issues in my time in public service. And we are going to make sure that you can get the high flyers, the wealthy tax cheats, without forfeiting the rights of the little guy.
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Mr. WYDEN. Mr. President.
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Mr. WYDEN. Mr. President, colleagues, our tax bill will be progressive, even though my friend from Iowa told you just the opposite.
Now, the 2017 Trump tax laws specifically targeted families in the middle with tax hikes to pay for some of the handouts that Republican colleagues wanted to give corporations and the megawealthy.
Over here, on our side, we want to fix that mistake, but my friend from Iowa is offering an amendment to lock in those tax hikes on families in the middle.
Democrats are proposing very substantial tax cuts for working-class folks, for the middle class, and what we are going to be doing in our tax bill is working to make the Tax Code more progressive by ensuring that the megawealthy pay their fair share.
I mean, we have all seen--and this has been documented for quite some time--and my colleague from Iowa knows that we have exposed these mega- IRAs that billionaires have.
So I just hope my colleagues will reject the Grassley amendment, and when we do, I will offer what is truly a progressive alternative.
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Mr. WYDEN. Mr. President, I call up my amendment No. 3569 and ask it be reported by number.
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Mr. WYDEN. Mr. President, it takes extraordinary chutzpah for Senate Republicans to claim the Democrats want to make the Federal Tax Code less progressive. The Trump 2017 tax law was a huge giveaway to the biggest corporations and the wealthiest individuals.
Senate Democrats are going to fix that in our tax bill. We are going to have tax cuts for working people. For example, we are going to have tax cuts for middle-income people with kids, and we are going to make sure that those at the top, those multinational corporations and the wealthiest individuals, are going to pay their fair share.
That is going to make the Tax Code more progressive and fairer. To vote for a progressive fair tax system, you have got to support our amendment 3569.
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Mr. WYDEN. Mr. President, I will be very brief.
Democratic and Republican Governors want this. Certainly, on the Democratic side, they have expressed an interest in expanding tax cuts for working families and vulnerable people who are still feeling the economic pain. Some are interested in expanding low-income housing. This helps accomplish the goals.
I support this, and if it is acceptable, maybe we can even do it by voice vote.
(Chorus of ``No''.)
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Mr. WYDEN. Mr. President, we are strongly opposed. Senator Stabenow will speak for us.
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Mr. WYDEN. Madam President, President Biden did, in fact, make it clear there would be no tax increase for anybody who makes up to $400,000 a year, and Democrats are going to stand by that commitment. In fact, Democrats are proposing tax cuts for working-class and middle- class families, along with changes to make sure that corporations and the very wealthy finally pay their fair share. This amendment is in line with that approach.
I am voting aye.
(Chorus of ``voice vote.'') Vote on Amendment No. 3444
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Mr. WYDEN. Mr. President, this is a challenging amendment that deals with unfair competition from China.
I am going to vote yes, and when we are done with this amendment, I will offer a more targeted approach to restrict the purchase with Federal funds from any country of products produced with forced labor. Vote on Amendment No. 3627
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Mr. WYDEN. Mr. President, I call up my amendment No. 3805 and ask that it be reported by number.
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Mr. WYDEN. Colleagues, I am going to be very brief.
This amendment prohibits the use of Federal funds to purchase materials, technology, and critical minerals produced, manufactured, or mined with forced labor from any country.
All supply chains need to be robust, secure, and free from these horrendous labor practices, like the genocidal forced labor practices in the Uighur region of China.
It is not enough, colleagues, to ban China alone, while forced labor continues to be a problem in many nations around the world. For this reason, I urge the support of this amendment to ensure that our supply chains align with these American values.
And I am willing to do a voice vote, Mr. President.
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Mr. WYDEN. This amendment strikes the Finance Committee's entire reconciliation instructions from the budget resolution.
Colleagues, this would prevent the Senate from lowering the cost of prescription medicine for all Americans. It would prevent fighting the climate crisis with clean energy tax cuts, providing home and community-based services for the elderly and disabled, prevent us from creating a national paid leave program, and cutting taxes for working families. It would also make it impossible for the subsequent reconciliation bill to be paid for.
I will just wrap up. I urge strongly that we oppose this measure because it would stop cold the effort to support policies crucial to the American family, and I urge its rejection. Vote on Amendment No. 3652
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Mr. WYDEN. Mr. President, our core belief is that taxes should not be raised on small businesses and that the wealthiest and the biggest corporations should pay their fair share.
This amendment is consistent with that. I am going to support it.
I hope we can do this on a voice vote. Vote on Amendment No. 3292
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Mr. WYDEN. Madam President, I have been advised that inclusion of this amendment in the budget resolution would be corrosive to the privileged status of the resolution. Since this amendment contains material inappropriate for inclusion in the budget resolution, its adoption could jeopardize the privilege of this resolution, which would completely halt our efforts to consider a reconciliation bill later this year.
Additionally, this amendment is not germane as required by law. Accordingly, I raise a point of order that the pending amendment violates section 305(b)(2) of the Congressional Budget Act of 1974, and I would urge a vote against a motion to waive.
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Mr. WYDEN. Madam President, it is my understanding that, after 15 hours or so, this is the last amendment of the night, and I recommend we do it by voice vote.
(Chorus of ``ayes.'') Vote on Amendment No. 3753
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