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American Recovery And Reinvestment Act Of 2009 - Continued

Floor Speech

Date: Feb. 6, 2009
Location: Washington, DC
Issues: Taxes Government Budget and Spending Energy Housing and Property

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Mr. GRASSLEY. Madam President, this amendment is a very simple vote. The complex funding formula for spending the $87 billion in Medicare in this bill is not fair. It should be a flat increase to all States. That is the way we have done it in the past, and that is what my amendment does now. Thirty-four States do better with the formula under my amendment. So this is a vote to give your State its fair share or not, as you choose. I believe there are 65 Members in the Senate here today whose States do better under my amendment, and if you do not know how your State does--although I put it in the Record this afternoon--come to me before you cast your vote and I will show you.

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Mr. GRASSLEY. Madam President, the amendment No. 274 would reduce the efficiency credit by $1.8 billion--that is almost half the tax benefit for these energy efficient home improvements.

The principal defect of this change will be felt in the emerging high-energy efficiency market. As anyone with conventional windows in this cold winter knows, inefficient windows suck a lot of heat out of a home.

Moreover, the tax benefit shifts, in part, to electric plug-in motorcycles, three wheelers, and golf carts.

Does this make sense?

However, there are a couple provisions I am glad to see are included. For instance, I am glad to see that the depreciation schedule for smart meters was cut from 10 to 5 years. Also, I am glad to see that businesses that make real plug-in electric cars--I don't support it for those that make golf carts, three wheelers, or motorcycles--can expense manufacturing facilities that make these cars.

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Mr. GRASSLEY. Mr. President, I voted for Bunning amendment No. 531 because the $3,000 of capital losses that people can use to offset their ordinary income hasn't been indexed for inflation, and has been at that $3,000 level since 1976. The $15,000 level is only $4,500 higher than the level it would be--$10,500--if it had been indexed for inflation.

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