Hoyer Floor Statement on Republicans' All Business Tax Act

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Transcript: 

“Mr. Speaker, ladies and gentlemen of this House, it is hard to call us to responsibility, but that's what our public wants. Our public wants it on the right, they want it on the left, and they want it on the middle. This is a totally fiscally irresponsible piece of legislation, and you know it. And I know you know it. And America ought to know you know it.

“Ladies and gentlemen, what this bill does is blows a $46 billion hole in the deficit this year alone. But, ladies and gentlemen, Mr. Speaker, the people of America need to know that we use 10-year figures for the most part. So this means $460 billion.

“Now, I know all of you on your side of the aisle, because I’ve been here for a substantial period of time, are next year going to say, we're going to raise taxes on small businesses and put that 20% back. You're going to say, if we did that it would be the largest tax increase in the history of small business. So you're going to do it year after year. And one of the previous speakers said we're taking money from small business. Let me tell you who you're taking money from today:  my children, your children; my grandchildren, your grandchildren. And, yes, my two great-grandchildren. That's who's going to pay this $46 billion hole that you're creating today.

“What does Bruce Bartlett, economic advisor to Ronald Reagan – not a Democrat, a Republican, an economic advisor, somebody who advised Ronald Reagan of how to get this economy moving, unlike George Bush, I might add – what did he say? What did he say about this bill that you have brought to the floor, which by the way The Wall Street Journal today called a tax gimmick? The Wall Street Journal called this bill that you are offering today a tax gimmick. And so what did Bruce Bartlett say? I quote: “it will do nothing whatsoever to increase employment.”  Point number one. This is not a jobs bill, it will not grow the economy, it will not do what all of us think needs to be done. And he went on to say: “it is nothing more than an election year giveaway to a favored republican constituency.” A political gimmick, a tax gimmick that will cost us $46 billion over this year alone and $460 billion – let me say, round that to a half a trillion, as inflation pushes it up – a half a trillion-dollar hole adding to the budget deficit that confronts this country, that all Americans know we must address.

“My colleagues, it takes no courage to vote for this bill. What takes courage is to pay for things. What takes courage is to say: we have an obligation. What took courage was to make sure that we paid our debts.  We didn't do it, so what happened? We almost took this country to the brink of default.

“Ladies and gentlemen of this House, summon the responsibility and judgment and intellectual honesty that our public expects. Vote against this bill.”