Senate Proceeding 12-02-10 on Dec 2nd, 2010 :: 2:37:40 to 2:48:30
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2:37:38 to 2:37:58( Edit History Discussion )

Charles Schumer: mr. schumer: thank you, mr. president. and i rise to speak, of course, on the upcoming amendments and debate we will have on the tax issue. and let me say a few things here. first, we are in a very, very tough economic situation.

2:37:40 to 2:48:30( Edit History Discussion )
Speech By: Charles Schumer

2:37:59 to 2:38:21( Edit History Discussion )

Charles Schumer: we have a large number of unemployed people. and even people who have been employed over the last decade, for the mid incomes have not gone up, their buying power has not gone up. this is the first decade where the middle-class incomes have not increased. second, the economy, if you look

2:38:22 to 2:38:43( Edit History Discussion )

Charles Schumer: at the statistics from 2000 to 2010, even with this recession, has done pretty well. but almost all of all of the wealth rated to the highest top 1% and top 10%. that means that the people at the highest end did very well

2:38:44 to 2:39:04( Edit History Discussion )

Charles Schumer: while everybody else didn't. now, i have nothing against them. nrvetion i think they're graivment they're part of the american dream. and to say that they have gotten most of the wealth -- some of my colleagues on the other side brip the false issue of class warfare. it is not class warfare. it is a fact that we have to deal with, just like saying

2:39:05 to 2:39:25( Edit History Discussion )

Charles Schumer: middle-income -- middle-class incomes haven't gone up enough. that's not class warfare either. those are just the facts. and there is the third issue, that when we began in the decade in 2001 there was a surplus of $300 billion left by bill clinton.

2:39:26 to 2:39:47( Edit History Discussion )

Charles Schumer: and now, of course, we have a huge deficit, we did when barack obama took office because of the stimulus, it's greater. but the number-one reason we have that deficit were the tax cuts which mainly aglo maine rated which were passed by george bush and the republicans.

2:39:48 to 2:40:09( Edit History Discussion )

Charles Schumer: when the tax rates were higher, bill clinton had raised them. we all know that. job growths in the 1990's far exceed job growth in this decade. so you put all that together and it makes a pretty strong point that the middle class needs relief, number one; that the

2:40:10 to 2:40:32( Edit History Discussion )

Charles Schumer: country must overcome the deficit problems we face, number two; and, number three, that the highest income people are doing great. so what would be the proper solution to that when we have a tax bill coming before us? it's pretty logical.

2:40:33 to 2:40:53( Edit History Discussion )

Charles Schumer: it's pretty ofnl obvious. we should actually make sure that the middle class keeps their taxes low. they're the ones whose incomes have suffered. they're the ones when they get a check spend it, because they don't have much money. they're the ones who need the relief, both for themselves and their personal situation and

2:40:54 to 2:41:14( Edit History Discussion )

Charles Schumer: family situations and for the economy. but to give huge amounts of tax breaks to the very wealthy doesn't make any sense. why? because, first, they're doing great. god bless them.

2:41:15 to 2:41:35( Edit History Discussion )

Charles Schumer: second, because they don't spend it. they're not going to go out and buy -- go to the supermarket or the department store, christmas shopping because they know they're getting a little bit of a tax break. they've got plenty of money. and, third, because even most of them would probably admit that they did just fine when the rate

2:41:36 to 2:41:56( Edit History Discussion )

Charles Schumer: was a little higher on them. it is not going to affect their business and spending decisions very much. if at all. so the logical solution is to give the middle class the tax break and say to the upper income, your money should go to deficit reduction.

2:41:57 to 2:42:17( Edit History Discussion )

Charles Schumer: and that's what we will vote on in the next few days on the floor. some would prefer that the level be should go to all those beloads 250,000. i know my colleague from iowa feels that way. he is sitting here and i think will speak after meevment i'm willing to have the rates go up

2:42:18 to 2:42:38( Edit History Discussion )

Charles Schumer: to a $2 million. i think having a rate with the highest very income people, which we always used to have, and restoring that makes a great deal of sense because that's where the wealth is aglomerating. it is not longer the people in the top 10% who do the best. it is people who are in the top 1% who do the best, far and away.

2:42:39 to 2:43:00( Edit History Discussion )

Charles Schumer: and on that vote, we will see where people stand. our colleagues on the other side of the aisle like to make it seem that a tax cut for someone making $50,000 is the same for someone making $5 million. you know, they say, tax cuts for everybody. don't raise taxes on anybody. but it is just not the truth.

2:43:01 to 2:43:21( Edit History Discussion )

Charles Schumer: and what we're here to do is actually pull await veil. -- dsh and what we're here to do is actually pull away the veil. giving a tax break to the wealthiest mayor make political sense, for them. but it sure doesn't make economic sense.

2:43:22 to 2:43:42( Edit History Discussion )

Charles Schumer: it doesn't make fairness sense. it doesn't make sense from the point of view of getting the economy going. so i want the american public over the next few days as we debate taxes to just listen and ask yourself, do you think someone making $10 million should get a huge tax break?

2:43:43 to 2:44:04( Edit History Discussion )

Charles Schumer: do you think warren buffet or bill gates should ghet a tax break that's more than the income of thousands and thousands and thousands of middle-class meme? and if you believe "no," tell your senator. do you believe that the deficit is a ser

2:44:05 to 2:44:27( Edit History Discussion )

Charles Schumer: and we have -- and to giver $300 billion to $400 billion to people who make over $1 billion instead of putting that money into the deficit make sense? if you don't, call your senator and tell him "no." do you thilts a at all fair to say -- do you think it's at all fair to say that to extend unemployment benefits for hardworking people who are

2:44:28 to 2:44:48( Edit History Discussion )

Charles Schumer: looking every someday for jobs -- every day for jobs, and that has to be paid for, but tax breaks to the wealthiest among us doesn't have to be, if you think that makes sense, doesn't make any sense, tell your senator, tell him or her "no."

2:44:49 to 2:45:09( Edit History Discussion )

Charles Schumer: now i know that we have a very powerful media group on the hard right, and they're going to try to get on the radio and get on the television and convince the average middle-class person that democrats want to take away their tax cut and republicans want to give it to them, but nothing could be further from the truth. we have been the ones focused on

2:45:10 to 2:45:35( Edit History Discussion )

Charles Schumer: the middle class and they have been the ones focused on the wealthy. we are not willing to hold middle-class tax cuts hostage until there's a tax cut for the wealthiest among us. it's time for some clarity here. and if all of my colleagues on the other side of the aisle vote

2:45:36 to 2:45:57( Edit History Discussion )

Charles Schumer: for a tax break for those above $1 million, whose annual income is above $1 million, unpaid for, i do not want to hear about deficit reduction when it comes to or education or health or

2:45:58 to 2:46:19( Edit History Discussion )

Charles Schumer: military from them ever again. they may believe lowering taxes is a good thing on everybody. that's an ideology that i don't agree with at this point in time, but they cannot claim deficit reduction is a goal when they will increase taxes, increase the deficit by hundreds

2:46:20 to 2:46:41( Edit History Discussion )

Charles Schumer: of billions of dollars without it being paid for to give tax breaks to the very few wealthy families here in america. and as for the argument those tax breaks are important to create jobs, no economist really believes that. we're talking about the personal

2:46:42 to 2:47:05( Edit History Discussion )

Charles Schumer: income tax -- not the corporate rate. we're talking about people who, when they had a higher rate, did very well. we're talking about job growth in the last decade among the slowest we've had in a very long time under those low tax rates, whether it was times of economic

2:47:06 to 2:47:28( Edit History Discussion )

Charles Schumer: growth or economic decline. there's virtually no good argument to give huge tax breaks to the very wealthy at a time when our deficit is as large as it is. there's a very good argument to

2:47:29 to 2:47:49( Edit History Discussion )

Charles Schumer: give those same tax breaks and percentage basis, of course, to the middle class. and so my colleagues, and to the american people, please watch the floor tonight, tomorrow, over the next several days. figure out who's on your side.

2:47:50 to 2:48:10( Edit History Discussion )

Charles Schumer: figure out who's being fiscally responsible. figure out who wants to help the average middle-class person, at the same time get ahold of our deficit. again i repeat, i respect and salute those who have made a lot of money on their own and are very wealthy. god bless them; they're part of

2:48:11 to 2:48:32( Edit History Discussion )

Charles Schumer: the american dream. but the american dream doesn't say that at a time of need, at a time when deficits are severe, that because you've made all that money, you should get a