Since March, Senate Democrats spent eight weeks leading the effort to pass a bill that would create jobs and cut taxes. We have gone back and forth countless times, considering ideas, and compromising where necessary in order to gain backing from Republicans in the Senate. We tried to bring the bill to the Senate floor for consideration, but Republicans said no. Once we finally succeeded in gaining consent to take up the bill, we requested consent to bring it to a vote. Again, Senate Republicans said no. Republicans said no to a bill that has real and substantial effects on our businesses, families and economy.
This is a bill that would close tax loopholes that reward corporations for outsourcing American jobs. It’s a bill that would create tax cuts for small businesses that create jobs here at home. The bill would:
· Create “Build America Bonds” for infrastructure investments;
· Extend Small Business Administration lending programs;
· Extend the Research and Development tax credit;
· Provide $5 billion to encourage investment in economically-distressed areas; and
· Allow retail and restaurant businesses to write off property investments.
It’s a bill that would ensure wealthy corporations are paying their fair share of taxes, and would cut taxes for middle class families. The bill would:
· Extend the tax deduction for students’ tuition;
· Extend the deduction for state and local sales taxes;
· Extend the standard deduction for property taxes; and
· Extend the deduction for the cost of classroom supplies purchased by teachers.
It’s a bill that would provide critical job aid to states, so they won’t be forced to lay off tens of thousands of teachers, police officers and firefighters. And it’s a bill that would help struggling Americans who have lost their jobs through no fault of their own as they search for new employment. Because of Republican obstruction on the bill, more than 1.2 million Americans will lose their eligibility for additional unemployment benefits by the end of June. This is the third time this year that Republican filibusters have allowed unemployment benefits to expire.
For eight weeks, Senators had a choice. For eight weeks, those who want to help middle-class America get ahead voted “yes,” while those who want to protect corporate America from paying their fair share of taxes voted “no.” For eight weeks, those who want to create American jobs and create the conditions for recovery voted “yes,” while those who want to reward companies for outsourcing jobs overseas voted “no.” For eight weeks, those who want our economy to prosper and succeed voted “yes,” while those who want to stop our recovery in its tracks and who want to keep things the way they are voted “no.”