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[Congressional Record Volume 158, Number 120 (Monday, September 10, 2012)]
[Extensions of Remarks]
[Pages E1465-E1466]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

          JOB PROTECTION AND RECESSION PREVENTION ACT OF 2012

                                 ______
                                 

                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Wednesday, August 1, 2012

  Mr. HOLT. Mr. Speaker, I rise today in strong opposition to H.R. 8, 
which should be called the Protecting America's Wealthiest 2 Percent 
Act of 2012.
  Our main priority in the House of Representatives must be to support 
middle class families. It should not be to protect the wealthiest 2 
percent of Americans by extending the so-called Bush tax cuts for them. 
As a body, we should work together to make our nation's tax system more 
equitable while continuing to support the middle class.
  I opposed the so-called Bush tax cut plans in 2001 and 2003. In the 
aftermath of these cuts, federal revenue fell, real GDP grew at a rate 
less than 2 percent and the cumulative deficit grew to $6 trillion. 
Today, I rise in support of the Democratic Substitute to H.R. 8 which 
extends all income tax cuts for the 98 percent of Americans and asks 
the richest households to contribute to deficit reduction by reverting 
back to the 1990s rates--a decade in which the workforce grew by 22 
million jobs and saw the largest budget surplus in recent history.
  My colleagues across the aisle have shown that their priority is to 
protect only privileged Americans by giving away tax breaks to the 
wealthiest in this country and continuing to ignore the needs of middle 
class families. Republicans are holding tax cuts for 98 percent of 
Americans and 97 percent of small businesses hostage to deficit-busting 
tax breaks for the top 2 percent, while rewarding Big Oil, special 
interests, and corporations that outsource American jobs.
  H.R. 8 would raise taxes on 25 million American families by an 
average $1,000 by ending vital expansions of the Earned Income Tax 
Credit and the Child Tax Credit and end the American Opportunity Tax 
Credit entirely. These 25 million families are earning the least and 
who rely on these credits to put more wages in their pockets, increase 
access to child care services, and make college more affordable. It 
would add to the deficit by extending tax breaks for the highest-
earning households, giving millionaires a tax break savings of $160,000 
annually. Republicans are holding the middle class hostage by demanding 
tax cut extensions for the richest 2 percent and by adding $50 billion 
to the deficit. What is even more egregious is that H.R. 8 would 
disproportionately affect those military families who sacrifice every 
day to protect our freedoms. The American middle class, including our 
military families, would see a tax increase on January 1, 2013 if we 
fail to come to an agreement on taxes for the top 2 percent.
  I want to protect hard working Americans, including our military 
families. I support making sure everyone, especially the wealthiest 
Americans and large corporations, pays their fair share. That is why I 
am an original cosponsor of the Democratic Substitute to H.R. 8, which 
is identical to The Middle Class Tax Cut Act which passed the Senate 
last week. The Middle Class Tax Cut Act would preserve the current tax 
rates for 98 percent of Americans and only increase taxes on the 
richest 2

[[Page E1466]]

percent who earn the most and have seen the largest tax breaks over the 
last ten years. We can act now. If we pass The Middle Class Tax Cut Act 
today we can keep taxes low for the 98 percent of Americans who rely on 
the tax breaks and credits extended in this bill. Then we can 
separately debate the issue of extending the so-called Bush tax cuts 
for the wealthiest among us. Instead, the majority will adjourn today 
until September having done nothing to protect the middle class or to 
make sure everyone pays their fair share.
  Under the Republicans' plan, 30.5 percent of tax cuts going to my 
home state, New Jersey, would go to the richest 1 percent, and 45.8 
percent would go to the richest 5 percent. That is 76.3 percent of tax 
cuts going to the top 6 percent of state residents, leaving 23.7 
percent of cuts for the remaining 94 percent of New Jerseyans.
  I strongly support The Middle Class Tax Cut Act and the Democratic 
Substitute to H.R. 8. We can no longer afford to continue giving the 
biggest breaks to those who need them the least. It's time to put money 
back into the pockets of hard working Americans.

                          ____________________
```