Doris Matsui: “I see the gentleman from Florida has a pay-for in his legislation. His bill will cost $4 billion over the next 10 years.…”

“I see the gentleman from Florida has a pay-for in his legislation. His bill will cost $4 billion over the next 10 years. The interesting thing about the pay-for, however, is that it comes directly out of the Taxpayer Bill of Rights legislation in which he used the same pay-fors to pay for the revenue offsets in the Taxpayer Bill of Rights which passed in the sunset bill about the middle of April. In addition to that, I understand the bill that is coming up tomorrow, the welfare reform package, they are using the same offsets to pay for that as well. So it will be kind of interesting to see how they really use their pay-fors in order to actually make this bill fully funded. I might just finally point out that our bill does not take any money out of the Social Security Trust Fund. It comes out of general revenues, the same general revenues that my colleagues on the other side of the aisle would have taken in October of last year when they passed their first GOP stimulus bill, in which 16 of the largest low-taxed corporations in America would have gotten an immediate tax break of $7.4 billion basically that would have been retroactive 16 years of the alternative minimum tax. Altogether it was $25 billion in tax reduction for major corporations in America that really do not need it, including $254 million to Enron and $1.4 billion to IBM.”