Victor Fazio: “I rise in support of the Gephardt substitute, because the Republican proposal hurts us as a country in too many ways. It…”

“I rise in support of the Gephardt substitute, because the Republican proposal hurts us as a country in too many ways. It creates more problems down the road by adding to the deficit, and it divides the middle class from the wealthy by sacrificing long-term investment in education and training for a short-term gain for far too many who do not need it. Instead of helping the middle class, Republicans are helping big corporations. Instead of helping families send their kids to college, they are giving people earning $200,000 a year a $500 per child tax credit. This package includes a new form of the Individual Retirement Account and raises the portion of an inheritance tax that is exempt up to $750,000. Ninety-five percent of the benefits of this new IRA would go to the wealthiest 20 percent of Americans. The family earning $35,000 a year will not have the savings to invest in an Individual Retirement Account. They do not have a $750,000 estate to pass along to their children. They do not have stocks to sell. They do not need a $500 tax credit. They need a college student loan to build their future. We are helping these big corporations and wealthy individuals at what cost? This country will suffer revenue losses of $180 billion over 5 years, mushrooming to $630 billion over 10 years, a real balloon payment for all American taxpayers.”