William R. Richardson: “the Democratic substitute is about investing in people and education. Too many Americans between the ages of 25 and 40…”

“the Democratic substitute is about investing in people and education. Too many Americans between the ages of 25 and 40 are not able to invest extra money or buy a house because they have to repay school loans. Our best-educated citizens are handed diplomas and then pushed into a huge pool of debt. We are bombarded with calls from the private sector to educate a work force that can compete in the global arena, yet we are unwilling to provide any tax incentives for education. Instead, we offer General Motors generous value-added tax writeoffs to guarantee returns on their investments. Mr. Chairman, the Democratic substitute stands for middle-class families, for education benefit, a $10,000 deduction per family for education expenses, making student loans deductible, an IRA plan for education expenses, education plan savings bond, and it is paid for. It is paid for through savings in government reform and closing billionaires' loopholes. Unlike the Republicans fig leaf, the Democratic tax benefits would not be provided until deficit targets have been achieved. Mr. Chairman, let us have tax cuts, but let us be responsible. Let us pay for them. Let us give them to those Americans that deserve them, that have been shouldering the blame and expense for the last 50 years. Let us not give it to millionaires and corporations. We stand for the middle class, and they are the ones that should benefit.”