Rep. Charles B. Rangel (D-NY):
All of the Republicans’ talk about their tax cut that is going to generate jobs is refuted by the Congressional Budget Office, by Chairman Greenspan and by economists. But there is a method to all of the madness that is going on here. And that is to change the social system in this country as we know it – to be able to abolish the programs that we have fought for for decades.
How do you do it? You don’t do it by talking about $726 billion, $550 billion, $350 billion. You do it by sneaking in these long term programs to reduce revenues and then you say that you are going to sunset them in 2005 knowing that no congress, Republican or Democrat, is politically prepared to let these programs expire.
And so the question that we will be presenting to the American people is: “Do you want a package that you borrow every dollar for the tax cut and where will that tax cut go?”
Other than the Republicans, there is noone that is saying that eliminating or alleviating taxes on dividends is going to create jobs. There is noone saying that reducing capital gains taxes is going to produce jobs. If you want to produce jobs, look at the people who want to buy, but they just don’t have the money to buy. Putting 90% of what will eventually amount to a trillion dollar tax cut in the hands of the wealthiest people in the United States of America will not buy washing machines and cars. But putting it in the hands of those people that have unfortunately lost their jobs that are looking for jobs, that will help stimulate the economy.
Unfortunately some of my Republicans on the Ways & Means Committee believe that unemployment compensation causes people not to seek work. These people have pride. They have families. They have concerns, and the least that we can do is help them to provide the goods, the services, the mortgage payments, the tuition that they need.
But I want people to know that one day someone will be asking, when President Bush went out to destroy the programs in which we have partnered with the private sector and the states, where were we? We will be on the floor Friday. We will be there to give assistance to our states through Medicaid and infrastructure. We will be there to give assistance to those people who are without work. And we are not saying that this will sunset. We give tax relief targeted toward families and we pay for it by freezing the top two brackets and saying that, when you just concluded a war, the least that you can tell the taxpaying American people how much do we owe – how much more do we have to borrow.
We are for more tax cuts after we know what we owe, what are the deficits and what can we afford.