Tax Breaks for Racing Interests -- No Action on Payroll Tax Cut and Unemployment Insurance Extension

Floor Speech

Ms. DeLAURO. Madam Speaker, at a recent horse sale in Kentucky, Breeder's Cup winner Royal Delta sold for $8.5 million as part of the sale of the late Saudi Prince Saud bin Khaled's farm. Three of the Saudi's other horses also sold for seven figures. A total of 22 horses were sold that day for $1 million or more, compared with only eight sold in 2010.

Every millionaire who purchased these horses benefited from a Republican-sponsored taxpayer subsidy written into the last 2008 farm bill. It allows them to recover the cost of the horse. Even as they call for more budget cuts, Republicans used that bill to transfer wealth--nearly $500 million--from the pockets of ordinary taxpayers to the coffers of wealthy racing interests. This is just one example of how Republicans will go to absurd lengths to support the wealthiest 1 percent of Americans while turning their backs on the middle class and working families.

Now they refuse to take up a payroll tax cut extension and expansion that would mean $1,500 for 160 million people while they protect the tax breaks for 350,000 millionaires. They refuse to extend unemployment insurance to save 200,000 jobs.

Our Nation deserves better leadership than this. Republicans need to stop giving out handouts to millionaire racing horse owners and start addressing the needs of the vast majority of American families.

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