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Senate Proceeding on Mar 30th, 2009 :: 5:20:40 to 5:35:35
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Orrin Hatch

5:20:36 to 5:20:56( Edit History Discussion )

Orrin Hatch: it will make our skies and our roads safer. i hope you will support it. thank you, mr. president. thank you, madam president, and i yield the floor. mr. conrad: madam president? the presiding officer: the senator from north dakota. mr. conrad: off of gregg's time, we'd yield 15 minutes to the distinguished senator from utah, senator hatch. the presiding officer: the senator from utah.

Orrin Hatch

5:20:40 to 5:35:35( Edit History Discussion )
Speech By: Orrin Hatch

Orrin Hatch

5:20:57 to 5:21:17( Edit History Discussion )

Orrin Hatch: mr. hatch: madam president, i rise today to express my deep concern about the tax increases, both explicit and hidden, president obama's budget and in the democratic budget resolution before us today. er win griswold, the former

Orrin Hatch

5:21:18 to 5:21:39( Edit History Discussion )

Orrin Hatch: solicitor general once said -- quote -- "we have long had death and taxes as the two staards of inevitability. but there are those who believe the two. there's one advantage about death: it doesn't get worse every time congress meets." unfortunately, this budget would lead to taxes getting worse.

Orrin Hatch

5:21:40 to 5:22:00( Edit History Discussion )

Orrin Hatch: in fact, they would get much worse and not just for the so-called -- quote -- and "well-connected" as the budget refers to those who targeted for explicit tax increases. the title of president obama's budget is "an responsibility: renewing america's promise." however, this budget is

Orrin Hatch

5:22:01 to 5:22:22( Edit History Discussion )

Orrin Hatch: irresponsible as to its implications for the next generations. as i've mentioned before many ti children, 23 grandchildren and three i'm very concerned about their future and the f our families throughout just as all of our colleagues are concerned about their posterity as well. when i think about responsibility and the promise

Orrin Hatch

5:22:23 to 5:22:45( Edit History Discussion )

Orrin Hatch: of next generations both in my family and in the families of my constituents and others, of course. this is why i'm so concerned about this budget and especially th place on the next generation my fellow utahans and all americans. this budget includes a tax increases, but i want to

Orrin Hatch

5:22:46 to 5:23:06( Edit History Discussion )

Orrin Hatch: focus on just ones that would particularly affect these next generations. now, the obama tax-o-rama. there will be a tax hike on america's industrial output and energy, a tax hike on america's job creation and a tax hike on america's competiveness.

Orrin Hatch

5:23:07 to 5:23:27( Edit History Discussion )

Orrin Hatch: so during his address to congress last month, president obama promised that -- quote -- "if your famil than $250,000 a not see your taxes increased a single dime." i that's what he said. we have heard this promise before. however from his first days in office, the president has

Orrin Hatch

5:23:28 to 5:23:48( Edit History Discussion )

Orrin Hatch: proposed raising taxes an the cost of living on wage earners as well as on all americans. now how? through the trillion cap-and-trade climate change legislation that president obama is proposing. this proposal, if force energy and i companies throughout america to

Orrin Hatch

5:23:49 to 5:24:10( Edit History Discussion )

Orrin Hatch: either pass these gargantuan costs on to their employees or go out of business. now, this tax on america's industrial output and energy is not even called a tax in the president's budget. instead, it is referred to quote -- "climate fool us. as the old saying goes, "if

Orrin Hatch

5:24:11 to 5:24:32( Edit History Discussion )

Orrin Hatch: walks like a duck and quacks li this tax, estimated to total between $1.2 trillion and $1.9 trillion over the next ten years, would be by far the largest tax increase in the history of the world. it is true that these new taxes might not be paid directly to the i.r.s.

Orrin Hatch

5:24:33 to 5:24:54( Edit History Discussion )

Orrin Hatch: workers' paychecks, instead they would be much more insidious. they would show up in the form of higher utility bills, higher costs for consumer goods, lost jobs and a lower standard of living for everyone. this tax hike on america's industrial output and

Orrin Hatch

5:24:55 to 5:25:15( Edit History Discussion )

Orrin Hatch: just think about it -- called cap-and-trade, they reeve to it as "climate revenues." potentially energy costs and an increase in the cost of living. the american family may not even know how much they are paying, just that their standard of living has gone

Orrin Hatch

5:25:16 to 5:25:36( Edit History Discussion )

Orrin Hatch: the administration tries to tell us that lower-income americans will be held harmless because the revenues from this new tax will be used to com now we've seen this type of compensation already from this administration, particularly in the stimulus bill. if you look back to last year before a senate finance committee hearing, peter orszag,

Orrin Hatch

5:25:37 to 5:25:57( Edit History Discussion )

Orrin Hatch: president obama's director of the office of management and budget, he admitte that -- quote -- "under a cap-and-trade program, firms would not ultimately bear most of the costs of the allowances but instead would pass them along to their customers in the form of higher pri finance committee that i sit on

Orrin Hatch

5:25:58 to 5:26:19( Edit History Discussion )

Orrin Hatch: on april 28, 2008. that's what the orszag says about cap-and-trade. well, madam president, passing these costs on to consumers is bad enough. it will cause a great deal of hardship to families and for the economy. but my question is, what happens if the firms are not able to

Orrin Hatch

5:26:20 to 5:26:40( Edit History Discussion )

Orrin Hatch: pass these costs on to their customers? the answer is, they'll go out of business and jobs will be lost. either way, the american family loses u budget says, americans will be compensated for these higher prices. however, i think a better word for the kind o that this budget has in mind

Orrin Hatch

5:26:41 to 5:27:01( Edit History Discussion )

Orrin Hatch: -- quote -- "income redistribution." let us and give to those who have not. it's brought us tax cuts for people who do not pay taxes. well, i suggest in the responsibility that if we want to raise taxes on americans, let's do it in a straightforward way, where it is visible and

Orrin Hatch

5:27:02 to 5:27:23( Edit History Discussion )

Orrin Hatch: does raising taxes on anyone at this time of extreme economic vulnerability is a mistake. but this what the president promised never to do and then excuses it by saying this is not a tax. now, that's a bunch of hooey! this new industrial output and energy

Orrin Hatch

5:27:24 to 5:27:44( Edit History Discussion )

Orrin Hatch: would be a colossal error and could triple the ability of the next generations to reach, let alone,seerksd the standard of living that we nowen joy. this would be a tradges did i because seeing our children and grandchildren do better than we have done is america. if this new tax on our industrial output and energy or

Orrin Hatch

5:27:45 to 5:28:05( Edit History Discussion )

Orrin Hatch: the e the president's budget proposals it would be bad enough. unfortunately, there is more bad news. the budget goes so far as to undermine and weaken the so-called stimulus bill enacted in february by calling for an increase in taxes that will affect job creation.

Orrin Hatch

5:28:06 to 5:28:26( Edit History Discussion )

Orrin Hatch: as we all know, the goal of all of our colleagues is t save or the explicit tax increases called for in the budget, however, would take away the very means for the private se creation. it would do this through increases in ta gains taxes,

Orrin Hatch

5:28:27 to 5:28:47( Edit History Discussion )

Orrin Hatch: interest and by raising the individual rates where most small business income is taxed. just ask any small business owner who reports his or her business income on returns,s most will tell you that if you increase taxes rates, then they will be forced to either reduce salaries or put

Orrin Hatch

5:28:48 to 5:29:09( Edit History Discussion )

Orrin Hatch: a freeze on new with nearly 200,000 small businesses in utah, i do not think that utah can generate substantial job growth if small businesses face these tax increases. the same is true for other states. two-thirds of jobs and small businesses are in firms with employees numbering between 20

Orrin Hatch

5:29:10 to 5:29:30( Edit History Discussion )

Orrin Hatch: and 499. these small businesses are the ones owned by individuals and taxed as individuals who will be targeted by president obama's the small busines administration tells us that 70% of new jobs each year are created by small businesses. why in the world would we want

Orrin Hatch

5:29:31 to 5:29:52( Edit History Discussion )

Orrin Hatch: to harm the ability of america's job-creation engine -- small businesses -- to help u or save the jobs we so badly need right now? this is sheer folly. time and time again research has shown that decreasing taxes on small businesses increases employment and raises wages. on the other hand, increasing taxes on small businesses

Orrin Hatch

5:29:53 to 5:30:13( Edit History Discussion )

Orrin Hatch: hinders investment, including employment. research by the tax foundation sthees raising the marginal tax rate by five percentage points reduces the percentage of entrepreneurs who invest by 10.4% and lowers their average investment by 9.9%.

Orrin Hatch

5:30:14 to 5:30:35( Edit History Discussion )

Orrin Hatch: reducing the tax rate to 33.2% increases the likelihood of hiring by 12% and raises wage for those hired employees by 3.2%. these tax increases which target the so-called "wealthy," will miss the mark and hurt everyone particularly those who lose their jobs or who do not get the

Orrin Hatch

5:30:36 to 5:30:56( Edit History Discussion )

Orrin Hatch: job that might have been. the tax hike on a creations, two-thirds of small business are targeted by president obama's tax increases. 70% of all new jobs each y these tax increases are going to hinder job growth. tragically, there's even more in this budget

Orrin Hatch

5:30:57 to 5:31:18( Edit History Discussion )

Orrin Hatch: this would attack our ability create the third leg of this assault is on america's comettiveness in the global economy. beyond strengthening job growth thugh small business we must create encourages companies to invest in the united states and also to expand worldwide to meet growing opportunities.

Orrin Hatch

5:31:19 to 5:31:39( Edit History Discussion )

Orrin Hatch: academic scholarship has shown that domestic companies that invest overseas strengthen their employment at home. unfortunately, we are moving in the wrong direction already. according to last year's listings of the world's largest companies, the so-called global 500, only eight of the top 25

Orrin Hatch

5:31:40 to 5:32:00( Edit History Discussion )

Orrin Hatch: corporations in the world were headquartered in the united states. 40ears ago almost all of the top 25 were headquartered in america. they were american firms. this has a significant impact on jobs and the united states. just this past energy companies have announced

Orrin Hatch

5:32:01 to 5:32:21( Edit History Discussion )

Orrin Hatch: plans to move to because of that c corporate tax. to be frank, after looking at president obama's budget proposal, i do such a move to become a matter of corporate civil if we careful. in fact, our sys world-wi taxation coupled with one of highest corporate t rates in the world is

Orrin Hatch

5:32:22 to 5:32:45( Edit History Discussion )

Orrin Hatch: cause any firm about locating its headquarters here and this is before the change is the obama budget which could make the business less friendly. how are we suppo globally competi have the corporate tax rate in the world? our corporate tax rate

Orrin Hatch

5:32:46 to 5:33:06( Edit History Discussion )

Orrin Hatch: currently at japan's with the average global corporate tax and many companies in the united states are looking elsewhere. these are tax hikes on global come pet ofness -- competitiveness. think about that domestic

Orrin Hatch

5:33:07 to 5:33:28( Edit History Discussion )

Orrin Hatch: companies strengthen employment at home. nations to tax world-wide inc and the average global corporate tax rate here is rest of the world is around 26%, we are world second only to japan. the president beeves our tax code includes incentives for

Orrin Hatch

5:33:29 to 5:33:50( Edit History Discussion )

Orrin Hatch: u.s. businesses to sh overseas and the budget includes vaguely-defined proposals that would supposedly put an end to this pctice. however, the evidence shows that our job loss but to increases in u.s. employment when invest in summary, madam president, the

Orrin Hatch

5:33:51 to 5:34:12( Edit History Discussion )

Orrin Hatch: obama budget for fiscal year 2010, along with the budget resolution before u three-pronged ass americanob creation. through new taxes on america's industri tax increases on america's job creation for small businesses, and tax increases competitiveness.

Orrin Hatch

5:34:13 to 5:34:33( Edit History Discussion )

Orrin Hatch: this is sold as a huge contradiction to the goals of the president to create or save four million jobs. i know who is sincere in that and believes he can do that not with this budget. it is true most increases with not hit until 2011, this is likely to be as dangerous a time for the job-killing tax hikes as 2009

Orrin Hatch

5:34:34 to 5:34:54( Edit History Discussion )

Orrin Hatch: would be. most economists believe that if we are lucky, we will going to refer from the ugly recession in 2011. we should be enacting policies

Orrin Hatch

5:34:55 to 5:35:15( Edit History Discussion )

Orrin Hatch: that support inv and growth. him-investment androwth. a satirist says this is a detachable burden shifted to god, fate, fortune, luck, or one's neighbor. in aindustrial joy it was customary to unload responsibility upon a star. in president

Orrin Hatch

5:35:16 to 5:35:35( Edit History Discussion )

Orrin Hatch: titled "the era of responsibility, president obama is attempting to unload responsibility on future generations. this is the wrong way to go. i hope we can make some charges -- excuse me, some changes to the budget this week that would help us grow the economy instead of growing the size of the government.

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