Video archive of the US Congress

Senate Proceeding 03-31-09 on Mar 31st, 2009 :: 3:59:55 to 4:06:10
Total video length: 6 hours 23 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

3:59:36 to 3:59:56( Edit History Discussion )

Johnny Isakson: the build the equity of the average american family. but this budget portends that we would drop the tax deductibility for a first mortgage on a family of a home that they occupy. to you take a tax precedent that for history and for years that the american government has granted to homeowners encourage homeownership and you take it away from them at the very time that homeownership is under the greatest stress in its history.

Johnny Isakson

3:59:55 to 4:06:10( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

3:59:57 to 4:00:19( Edit History Discussion )

Johnny Isakson: it's counterintuitive and it's wrong. the senator from kansas just made a reference to a you know -- to a charity. you know, i've just come from the congressional awards reception downstairs where we gave gold an wards to young people around this country for the volunteer service they've give to help their fellow man. that's a gift of charity of themselves. but at that reception were four

Johnny Isakson

4:00:20 to 4:00:40( Edit History Discussion )

Johnny Isakson: major cor charitable deductions to the congressional award -- gold medal award program to encourage these young people their time. if you reduce the ability of corporations or high-income wage earners or high-income income earners, if you reduce the ability for them to dedublght a charitable -- deduct

Johnny Isakson

4:00:41 to 4:01:01( Edit History Discussion )

Johnny Isakson: charitable deducti, you're actually motivating at a time of need less charity on the american people and in turn putting more burden on the back of the american government. now, we saw it today earlier with the vote on the thune amendment, that there's one idea that the entire congress -- almost -- appears not to like about this budget and that is part of this budget portends that we would pay for some of the increased spending by taxing

Johnny Isakson

4:01:02 to 4:01:22( Edit History Discussion )

Johnny Isakson: utilities. the thune amendment made the statement the united states senate does not believe that's right and 88 members of the senate voted for amendment. so obviously that policy is misdirected. and then we're at a time where values and equities have declined, american investment is declining, where corporate

Johnny Isakson

4:01:23 to 4:01:43( Edit History Discussion )

Johnny Isakson: america is finding great difficulties, and at a time when all those things are this budget portends that we would reduce the -- raise the capital gains tax by 33% and, further, that we would raise the dividend tax at the highest marginal rate by three times what it is right now.

Johnny Isakson

4:01:44 to 4:02:04( Edit History Discussion )

Johnny Isakson: so you're penlizing people -- penalizing people for investing in stocks that pay dividends at a time the market is depresse depressed -- does not make sense to me -- and further, you're saying for those that have assets or they have a profit built int raise that tax by when the ecomy is suffering. i think it is, at best,

Johnny Isakson

4:02:05 to 4:02:25( Edit History Discussion )

Johnny Isakson: counterintuitive. now, mr. president, i don't like politicians who get up and talk about how bad something i without offering some solutions. i think we he a responsibility responsibility, every member of us in this body, to offer some proposals. so if i do think these policies driven by this are going in the wrong direction direction, what is the right direction?

Johnny Isakson

4:02:26 to 4:02:47( Edit History Discussion )

Johnny Isakson: and i have an amendment that will be offered at the appropriate time -- it's 762 -- it's an amendment that creates a place holder, a neutral -- deficit-neutral place holder in this budget proposal for a $15,000 tax credit for any family that buys a towps aandoccupies it as their residence

Johnny Isakson

4:02:48 to 4:03:08( Edit History Discussion )

Johnny Isakson: in the next 12-month period following the passage that have amendment. what will it do? quite fra unanimously adopted that amendment a few weeks ago on the stimulus only to find it taken out by the house of representatives. why do you need to stimulate homeownership right now? because it is the single largest asset of the average american it is the basis upon which most credit is extended to families. it's fundamentally the foundation of consumer

Johnny Isakson

4:03:09 to 4:03:29( Edit History Discussion )

Johnny Isakson: coidence in the united states of america. and right now, there is none and there isn't any because the housing collapsed, values have depreciated in some areas by as much as a third, and home equity -- one in every five houses in america is actually underwater, meaning the debt exceeds the value. now, this tax credit is not an

Johnny Isakson

4:03:30 to 4:03:50( Edit History Discussion )

Johnny Isakson: original idea by me as a member of the senate. in fact, in 1974, when we had the last major housing crisis in america, the united states congress, democratically controlled, and a republican president, gerald ford, passed a $2,000 tax credit for the purchase of any standing vacant home in 1975.

Johnny Isakson

4:03:51 to 4:04:13( Edit History Discussion )

Johnny Isakson: and this decling housing market with a the market back to stability and equilibrium in 12 months, all with the motivation of the tax credit. now, i first offered this tax credit in january o when we began to see the downward spiral in our economy. it is scored

Johnny Isakson

4:04:14 to 4:04:36( Edit History Discussion )

Johnny Isakson: and i was told last january, that's too much. october on the tarp, the federal reserve has spent almos $4 trillion, we're considering spending more, and to me do not sound like very much. in fact, economic estimates by experts -- not by me -- have estimated that the tax credit,

Johnny Isakson

4:04:37 to 4:04:57( Edit History Discussion )

Johnny Isakson: if passed by the congress, would create 700,000 home sales in the first 12 months and 587,000 jobs. i don't know about you, but both those are awfully good numbers that we'd certainly like to be seeing reported on wall street and on main street. so when i offer this amendment, what i'll merely be askin the united states senate to do is send a signal.

Johnny Isakson

4:04:58 to 4:05:19( Edit History Discussion )

Johnny Isakson: instead of discouraging homeownership, we want to encourage it because it's the foundation of our recovery. instead of having a tax policy that is punitive to investment, we want to have a tax policy that is positive to investment. and homeownership d the value of it is still the fundamental key, the economic stability of the american family. it's my hope the senate will

Johnny Isakson

4:05:20 to 4:05:40( Edit History Discussion )

Johnny Isakson: adopt this and send the message so we can come back after the recess, pass the tax credit, make it effective and return investment to the housing market and stability to the united states economy. so instead of taxing too much, spending too mh and borrowing too much, it's time we encouraged investment in the americ dream which always has

Johnny Isakson

4:05:41 to 4:06:01( Edit History Discussion )

Johnny Isakson: been and remains the home that people raise their families in, live in, and retire and, mr. president, i yield back and suggest quorum. the presiding officer: the clerk will call e roll.

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