Steven Holt: “today we return for part two of the budget reconciliation bill. Just before Thanksgiving, the Republican majority cut…”

“today we return for part two of the budget reconciliation bill. Just before Thanksgiving, the Republican majority cut investments in education, American competitiveness, and programs for the needy. Today, they will give a tax cut to the top 1%. It is a reverse-Robin Hood value system. Apparently, the Republican leadership thinks that the middle class is not working hard enough. They believe that the middle class needs to work harder so that the top 1% can take home more money. Today, Mr. Speaker, we have a moral decision to make. I believe it is immoral to cut $50 billion from Medicaid, food stamps, student loans, child care payment enforcement, and foster care in order to pay for a $56 billion tax cut for capital gains and dividends. People with income of more then one million dollars--the top two- tenths of one percent of the population would get $32,000 dollars. Most tax filers, those with income below $40,000, would get $7. Those with income above $1 million--not just those worth more than a million, but those who have income and stock market earnings of more then $1 million each year--would receive about half of this $56 billion tax cut. Worse yet, you may have noticed that if we cut taxes by $56 billion and cut spending by $50 billion, we have increased the debt. We have gone from a projected 10-year surplus of $5.6 trillion to a projected deficit of $3.5 trillion.…”