Pete Sessions: “just briefly on this next amendment, I think it is a defining vote on the question of whether we intend to extend the…”

“just briefly on this next amendment, I think it is a defining vote on the question of whether we intend to extend the current lower tax rates. The budget resolution that is before us has four points of order against tax cuts, but the way it is written, it even includes continuing our current income tax rates beyond 2010 because that would be defined under this budget as a reduction in taxes. This means that this proposed budget resolution would require 60 votes to extend the currently existing lower rates beyond 2010. I believe that is a mistake. These reduced rates include the $1,000 per child tax credit, the 10 percent bracket, the marriage penalty, the adoption tax credit, capital gains and estate tax repeal. I urge my colleagues, let's not put a burden on our economy and on our constituents by allowing these current tax rates that are low now to surge upward when they expire at the end of 2010. Do not put a 60-vote requirement to extend current rates.”