On the recordDecember 14, 2010
This tax bill I voted on will help our working families. There is a 2-percent cut in payroll taxes. I know some say: Is that going to hurt Social Security? We have a statement from the executive vice president of the AARP, the Association of Retired Persons, saying the proposal has no financial impact on Social Security because the trust fund is made whole. That is critical. When we had the administration at our caucus we made sure of that. There is the extension of the child tax credit from the Recovery Act, the earned-income tax credit, the childcare tax credit, there is education relief and refundable tax credits for college, again, those clean energy incentives which were critical, the 1603 provisions, job creation tax incentives, R&D tax credit, bonus depreciation, veterans work, opportunity credit, small business capital gains exclusion. In closing, do I feel passionate that the people who earn over $1 million do not need a tax cut? You bet I do. I am passionate. To me, to add to a deficit while we are in two wars to help people when so many of them say don't even do this--we had a letter put in the Record from 90 millionaires saying this is ridiculous. I am passionate about that. That fight will go on. Frankly, it is a disagreement between the two parties. That is fine. We cannot be expected to agree on everything. But I think moving ahead with this was very important.…
Source
govinfo.gov




