Wendy Sherman: “First, let us put this bill in context. Once it is fully phased in, it will cost this country $50 billion a year. All of…”

“First, let us put this bill in context. Once it is fully phased in, it will cost this country $50 billion a year. All of that tax relief will go to the richest 1 percent to 1 rac{1}{2} ext{ percent of American families. Basically all of the tax relief goes to those with assets of $10 million and more. Mr. Speaker, this bill provides $50 billion of tax relief basically for families with assets of more than $10 million and provides not a penny of tax relief for people who make $10 an hour. Mr. Speaker, we tried to add an amendment to this bill to say that its provisions would become applicable only upon certification, that the debt will be paid off by 2013, and that Medicare and Social Security will remain solvent. The supporters of this bill on the Committee on Rules refused to even allow the House to debate that Sherman-Stenholm amendment. So we have before us a bill that makes no attempt at all to provide tax relief for working American families. It costs us $50 billion whether or not that drives Social Security and Medicare into the red or not. But the disadvantages continue. Mr. Speaker, this bill will dramatically cut charitable giving.”