Video archive of the US Congress

House Proceeding on Dec 3rd, 2009 :: 0:53:45 to 0:57:45
Total video length: 1 hours 26 minutes Stream Tools: Stream Overview | Edit Time

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Virginia Foxx

0:53:41 to 0:54:01( Edit History Discussion )

Virginia Foxx: debate, as the gentleman from florida said, on the repeal of the estate tax. that's what we should do. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from colorado. mr. polis: i would like to inquire of the gentleman from speakers? mr. diaz-balart: yes, we do. mr. polis: i'm on my side.

Virginia Foxx

0:53:45 to 0:57:45( Edit History Discussion )
Speech By: Virginia Foxx

Virginia Foxx

0:54:02 to 0:54:24( Edit History Discussion )

Virginia Foxx: i'll reserve my time until the gentleman has closed. the speaker pro tempore: the gentleman from his time. mr. diaz-balar it's my pleasure to yield three minutes to my friend and distinguishe colleague from the rules c -- dr. foxx. the speaker pro tempore: the gentlelady is recognized for thre ms. foxx: thank you, mr. speaker. i thank my colleague for yielding this time. i want to say that this rule and

Virginia Foxx

0:54:25 to 0:54:45( Edit History Discussion )

Virginia Foxx: the bill exemplify the arrogance of the majority party. once again they show their bias to government control of our lives as opposed to support of the american family. they also show their arrogance in bringing a closed rule because they indicate that this is a perfect bill. it hasn't been through committee.

Virginia Foxx

0:54:46 to 0:55:08( Edit History Discussion )

Virginia Foxx: very allow no amendments. but they -- so they must consider it a perfect bill. we know that there's at least one flaw, as my colleague from georgia just indicated, and th is the problem with indexing. and just as we have had to fix the a.m.t. every year, we will have to do that with this or else more and more people will

Virginia Foxx

0:55:09 to 0:55:32( Edit History Discussion )

Virginia Foxx: be caught with this bill as it is proposed. they continue to assault those who create jobon the very day that the president is having a conference on jobs. they want to seem to be doing something positive while really doing great damage to our economy and hardworking americans. and, mr. speaker, i would like

Virginia Foxx

0:55:33 to 0:55:53( Edit History Discussion )

Virginia Foxx: to refer to an aicle from the "wall street journal" of 31 march 2009 and place it in the record. the speaker pro tempore: without objection. ms. foxx: thank you, mr. speaker. lawrence summers, esident obama's chief economic advisor, declared recentlthat let's be very clear, there are no no tax

Virginia Foxx

0:55:54 to 0:56:15( Edit History Discussion )

Virginia Foxx: increases this year. ther no-n tax increases this year. oh, yes, yes there are. the president's budget calls for the largest increase in the death tax in u.s. history in 2010. the announcement of this tax increase was buried in footnote one on page 127 of the president's budget. that note res, the estate tax

Virginia Foxx

0:56:16 to 0:56:36( Edit History Discussion )

Virginia Foxx: is maintained in its 2009 parameters. that means the death tax won't fall to zero next year as scheduled under current law but estates will be taxed instead of up to 45% with an exemption level of $3.5 million. better not plan on dying next year after all. but -- i know that we are not discussing the president's budget here today, but that

Virginia Foxx

0:56:37 to 0:56:59( Edit History Discussion )

Virginia Foxx: bill, i think this shows that they are trying every way possible to reinstitute what is probably the most hated tax in the united states. the american people understand this is not a fair tax. whether they are hit by it or not. and i want to say another piece

Virginia Foxx

0:57:00 to 0:57:20( Edit History Discussion )

Virginia Foxx: from the "wall street journal" article, the importance of intergenerational wealth transfers was first measured in a national bureau of economic research study in 1980. that study looked at wealth and savings over the first three quarters of the 20th century and found that, quote, intergenerational transfers account for the vast majority of aggregate u.s. capital formation.

Virginia Foxx

0:57:21 to 0:57:42( Edit History Discussion )

Virginia Foxx: the co-author of that study was lawrence summers. mr. he was first a mr. diaz-balart: 30 more seconds. ms. foxx: thank you, mr. chairman. i appreciate the gentleman yielding the time. this is not gooder for the american people. -- this is not good for the american people. at a time w creating jobs not destroying jobs.

Virginia Foxx

0:57:43 to 0:57:45( Edit History Discussion )

Virginia Foxx: again, the president wanted to create jobs with the stimulus.

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