Date: 1981-07-29
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I rise In favor of the committee bill. Mr. Chairman. the committee bill gives the majority of the tax cuts to low- and middleincome wage earnersthe people who pay almost 60 percent of all income taxes. The committee bill gives greater relief to Americas small businessesthe major providers of employment in this country. The Presidents alternative would require that we make massive cuts. not only in social security. but In other. as yet undesignated. areas In order to rebalance the budget which their own tax bill puts Into deficit. It would be the height of irresponsibility to endorse such a proposal.. The alternative Is the kissing cousin of the GrammLatta budget resolution. Together the two become the most blatant reordering of priorities against our low- and moderateincome families and In favor of the affluent and the more affluent. The vote in favor of GrammLatta in May Is what unleashed the first assault on social security. It gave the administration the belief that it could sell anythingthat it now had the power to undo our longstanding commitment to our senior citizens. Again today. the extremists in this administration will be encouraged to even greater excesses if they sell this package of bon bons for the rich. Fattened by another victory. the Stockman crowd will -be back with new assaults on social security and the whole range of programs that are so inmportant to the working people of this Nation and to local communities all over the Nation. Mr. Chairman. I do not hold up the Ways and Means tax bill as Idealit has been a difficult task to put together a bill under the constant onslaughts of the administration and Its manufactured lobbying campaign. But. the Democratic bill Is far superior--clearly more equitablethan the administrations supersweet package for the superrich. Earlier today I voted against the previous question and the rule because I wanted an opportunity to cast my vote against tax favors for the oil. companiessomething that appears in both bills. Surely no one suggests that oil companies need more tax incentives. Earlier this year. we were told that deregulation would give them all the Incentives and capital they needednow -they tell us to add on more tax breaks. So -far. the deregulation. Incentive has been an incentive not to find more oil reserves. but an Incentive to raise prices and to play -international takeover games: with the swollen profits taken from working people who must heat their homes and drive their automobiles to workthe same people hit by the Reagan tax bill. I also wanted an opportunity to cast my vote against the special tax investment preferences given to some of our Nations largest corporations. But in the final analysis. It is clear that the Democratic proposal Is the best proposal for the working people in my district who are seeking tax relief. The Democratic bill would not go willynilly into new budget deficits in 1984 but would set up clear guidelines which would not hamper the ability of the United States to mlaintain a sound budgetary posture. The working people in my district have already been hard hit by the Stockman budget cuts. The Democratic bill offers the House the last chance we will have this year to make the economic recovery package an equitable program for Rhode Island wage earners.