U.S. Rep. Doggett: When it comes to latest Republican tax bill, we ought focus support on small businesses, not those who are already at the top
The full text of Rep. Doggett's remarks follow below:
Republicans are always so much better in the names they give these bills than what's in them. I think in considering this one, we have to look at what it is and what it is not.
It is not an economic recovery measure. A nonpartisan analysis has shown that the economic benefits are considered so small as to be incalculable.
It is not helpful to sole proprietors who do not benefit at all from this bill.
It is not a way to reduce the deficit or the national debt. Indeed, this is a measure that will immediately $46 billion to the national deficit.
We were told only yesterday that because of a pressing national debt, we can no longer fund hot meals for seniors through the Meals on Wheels program in Texas…that we could not afford to provide federal resources that are necessary thereon child abuse, keeping a child with a disability at home, or helping a senior maintain their independence… that there just aren't the resources to do that. But today, we are told there is $46 billion we can add to the debt for a nice sounding bill.
What is this bill?
It is another failed Republican retread. It is a measure that will help those at the top rather than those who are really struggling to get to the top.
I am concerned about the Ice House on the West side of San Antonio, about the beauty shop in Lockhart, about the auto repair shop in San Marcos. But those are not the places that will receive the principal benefits of this measure. Indeed, 125,000 millionaires will get more in tax benefits out of this than many of the owners of those businesses earn during an entire year. In fact, more than the median income throughout San Antonio and Austin in South and Central Texas.
This bill will be a boon to highly paid professionals, private equity firms, hedge fund managers and professional sports teams. I think they've received enough economic benefit in the past with the Bush Tax Cuts.
We should be focusing our support for small businesses not on those who are already at the top and should be contributing a little to the shared sacrifice to get our national debt under control and meet basic human needs.