Has anybody read the newspapers this morning? It is full of cartoons: Republicans holding the economy hostage. They are not holding Barack Obama hostage. They are not holding Democrats hostage. They are not holding the Federal Government hostage. They have decided to fight the battle on Main Street, holding economic growth hostage, and they think that is a compromise or a fair fight. This hostage isn't strong enough to survive this siege. Do we ever hear any one of them say that perhaps we need to raise a penny or two or three? Absolutely not. Now, there are Senators who have agreed to do so, but they haven't been as vocal as they possibly could be. I am honored to serve with many good Republicans who understand this equation has two sides: both taking spending down in the right ways and raising revenue. Let me get one more fact out there, and I will turn it over to my colleague. I understand corporate tax rates are higher than some other countries in the world, and our corporations are having some tough times, as well as some businesses. But I am going to submit data for the Record which shows that the top 400 companies in this country are not paying a 35- percent rate, they are not paying a 34-percent rate, their practical rate is 17 percent. Why would that be the case? Because this Tax Code is full of loopholes for special interests that many of them on the other side think are justified.…
On the recordJuly 30, 2011
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