On the recordApril 16, 2015
I have heard better stories in the Bada Bing Club in New Jersey. I am listening to the accounts of all of these poor people. Let me tell you what we are talking about here. Do you see this big chart? That is 99.85 percent that get nothing out of this legislation in the United States of America. Here is 0.15 percent that get a $270 billion tax cut. Here, let me use the magnifying glass and get a better picture of how much we are talking about. You can all see that orange slash right there. You are telling me that this helps the common good? My friends on the other side of the aisle--and when I use the word ``friends,'' I mean it--recently have taken to talking about the lack of wage growth in this country, yet here we are today considering legislation that will add, Mr. Speaker, $294.8 billion to the deficit for people who don't work at all. This whole idea that the estate tax hurts middle class Americans in income that has already been taxed is simply not true. Much of this income has never been taxed. Repealing the estate tax in full would result in a massive tax cut for the wealthiest of the wealthy. It hits 5,500 households in this whole country--never mind Texas, the whole country--with estates worth more than $5 million. I mean, that is the law. I am not making this stuff up as I go along. This bill only further exacerbates our already upside-down Tax Code.…
