Dianne Feinstein: “I rise to support the reconciliation bill currently pending before the Senate. Although this bill is far from perfect, I…”

“I rise to support the reconciliation bill currently pending before the Senate. Although this bill is far from perfect, I do not think there is a member of the Senate who would not have drafted a different bill giving different weight to different provisions if given the opportunity. It represents a compromise on a very difficult set of issues and does, in some areas, make progress. While it does not provide the immediate economic stimulus I would like, for example, it does afford a wage earner providing for his or her family who makes less than $45,000 a tax cut of $300 this year, and $600 next year. Additionally, although not phased-in as fast as I would like, the changes this bill makes to the marriage penalty and the child tax credit provisions will allow a working couple to avoid paying the marriage penalty simply for getting married, and provide them with child tax credits when they have children. The President requested a $1.6 trillion tax cut over ten years. This reconciliation bill will cost $1.35 trillion, still a sizable amount, over 11 years, including $100 billion for economic stimulus. This bill contains several provisions which I believe are important to assure the continued long-term economic health of the American economy and which will benefit many hard-working American families: It contains the creation of a new, retroactive, 10-percent tax bracket which has the effect of benefitting every single American who pays income taxes.”