Max Baucus: “The Joint Tax Committee estimated that the pattern of increasing revenue losses continues, growing about $200 million a…”

“The Joint Tax Committee estimated that the pattern of increasing revenue losses continues, growing about $200 million a year. So by 2020, the loss would be over $2 billion a year. That extrapolates to $3 billion a year by 2030. In other words, this bill would take $2 to $3 billion from our children, every year, to pay for a 2-year extension of capital gains and dividends rate tax cuts, which we know would not go into effect until January 1, 2009. That troubles me, and it should trouble all my colleagues. The conferees made bad choices in putting this conference report together. American workers need an extension of the Saver's Credit that expires after 2006, but get an extension of a capital gains and dividends cut that does not expire until 2009. And the bill purports to pay for those tax cuts for with a Roth IRA conversion provision that starts losing revenue by 2014 and has losses that balloon outside the budget window. There are so many reasons to vote against this report. The use of a tax cut to allegedly pay for another tax cut is just one symptom of a seemingly irresistible urge to put wants before needs. I encourage my Colleagues to join me in voting for setting the right priorities. I urge them to vote against this conference report. I yield the floor. The PRESIDING OFFICER. Who yields time? The Senator from Iowa is recognized.”