Rob Portman: “I want to thank my colleague from Montana who just talked about the impact of this tax-and-spend bill on his…”

“I want to thank my colleague from Montana who just talked about the impact of this tax-and-spend bill on his constituents in Montana. I will say the same is true in 49 other States, including my State of Ohio. This is, we are told, the biggest tax increase on America in over 50 years. So this is a big deal. In terms of the spending we have been hearing today, it is the largest spending package ever. In inflation- adjusted terms, it is probably the largest social spending package since the New Deal. That is what we are talking about here. This would fundamentally change our country in so many ways. It is good that Mike Crapo, who is the top Republican on the Finance Committee, asked us to come on the floor today just to kind of talk about it because our constituents need to know what is going on. They need to understand what the impact would be on them, their lives, their futures. There are new taxes being proposed in this on pretty much everything--small businesses. That was just talked about. Most businesses in Ohio and around the country are not what they call C corporations. They are passthroughs, like subchapter S--sole proprietors, partnerships. That is about 80 percent, 90 percent of the businesses. It is the smaller businesses. They get hit. There are actually taxes on marriage because of the marriage penalty. There are taxes on death because of the increase in the estate and gift tax.…”