Democrats’ Plan Would Lock in Low Tax Rates for Ninety-Eight Percent of Americans
Washington, D.C. – Nevada Senator Harry Reid spoke on the Senate floor today regarding Senator Orrin Hatch’s amendment to the Small Business Jobs and Tax Relief Act, which would raise taxes on 25 million American families. Below are his remarks as prepared for delivery:
Right now the Senate is considering a small business tax cut – proposed by President Obama – that will create 1 million jobs.
This legislation would give tax credits to businesses that grow and hire.
Yet Republicans are looking for any excuse to vote down the proposal for two reasons:
- It has the support of President Obama and Democrats in Congress.
- And it would strengthen the economy, which would help the President.
We know Republicans won’t do anything that helps President Obama – even if it’s good for the economy – because their number one goal is to defeat the President. Mitch McConnell has said so.
So Republicans are hiding behind a procedural trick: filibustering with unrelated amendments.
If there is any doubt about Republicans’ motivation – to kill this legislation – just look at the amendment proposed today by Senator Hatch of Utah.
The first thing Senator Hatch’s amendment would do is eliminate all the tax cuts in the bill.
The amendment would literally eliminate every provision in the bill designed to create jobs.
Senator Hatch’s amendment eliminates the 10% credit for employers that hire additional workers or increase their payroll – a provision that would create half a million jobs.
And it strikes deductions for businesses that invest in machinery and equipment – which would create another half a million jobs.
But the Republican amendment doesn’t stop there.
It goes on to increase taxes for 25 million American families.
Senator Hatch’s amendment would extend tax breaks for the top two percent of Americans. But it fails to extend a number of tax cuts that help middle-class families get by in a tough economy.
Senator Hatch’s amendment will increase taxes by $1,100 for 11 million families trying to pay for college.
Senator Hatch’s amendment would make it harder for 6 million large families to put food on the table. It would increase taxes by $800 for families with at least three children.
And Senator Hatch’s amendment fails to extend the full Child Tax Credit for 12 million families, increasing their taxes by $500.
No one is fooled by this amendment.
We see it for what it is: more Republican obstruction that comes with the added bonus of sticking it to the middle-class.
If that wasn’t enough political theater for one day, my Republican colleagues also claim they’re anxious to vote on President Obama’s plan to cut taxes for 98 percent of American families.
Once again, no one is fooled.
Republicans know very well the Senate will vote on the President’s proposal to give middle-class families certainty they won’t face a tax increase.
We’ll vote on it this work period, as I have already said. They say they want to vote sooner.
So let’s lock in an agreement to vote on:
- The President’s plan to give 98 percent of Americans certainty their taxes won’t go up,
- And the Republican plan to raise taxes on 25 million families.
Democrats are ready to have these votes right away at a simple majority threshold.
Then we can get back to the task at hand – cutting taxes for millions of small businesses that want to expand and put Americans back to work.