Tax Breaks for those Suffering the Most

TAX BREAKS FOR THOSE SUFFERING THE MOST -- (House of Representatives - January 16, 2008)

(Mr. COHEN asked and was given permission to address the House for 1 minute.)

Mr. COHEN. Madam Speaker, the Dow Jones Industrial Average has dropped over 10 percent, and all economic indicators indicate that we are in serious financial trouble. This Congress needs to respond on behalf of the American people. Unfortunately, in the past this Congress has responded by giving tax breaks to the wealthiest, and it has created the largest gap in income between the upper 1 percent and the other 99 percent, probably in the history of this country.

We need to work in a bipartisan fashion. We need to work together. The previous speaker was correct: We need to give money back to taxpayers. But they need to be the working taxpayers, who are suffering the most, the people who are now unemployed, not able to pay taxes because they have lost their jobs, or people who need help with food stamps, and people who will immediately put that money into the economy, not the wealthiest who have savings in the hundreds and thousands and millions of dollars and can live on through this and survive it and won't put that money back into the economy.

The tax breaks of the past were mistakes. The spending needs to be for people who are suffering. They are the people who know the hard economic times we have. I read my e-mails on a daily basis and there are many people out there suffering who need economic help now. We need to act in a bipartisan fashion, but remember those who suffer the most.

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