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Senate Proceeding on Sep 22nd, 2010 :: 1:05:15 to 1:17:25
Total video length: 9 hours 49 minutes Stream Tools: Stream Overview | Edit Time

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Christopher S. Bond

1:05:11 to 1:05:31( Edit History Discussion )

Christopher S. Bond: with that, i'm happy to yield the floor with great thanks to my colleague for allowing me the opportunity to committee my remarks. thank you very much, and i yield the floor. the presiding officer: the senator from missouri. mr. bond: this morning, all across america, families are struggling to make ends meet.

Christopher S. Bond

1:05:15 to 1:17:25( Edit History Discussion )
Speech By: Christopher S. Bond

Christopher S. Bond

1:05:32 to 1:05:54( Edit History Discussion )

Christopher S. Bond: their incomes are stagnant, but the cost of living keeps rising and tax burdens they face at the federal, state and local level keep getting worse and are threatening to go higher. just as troubling, today's ongoing economic uncertainty is crippling job creation and hurting small business, the real engines of growth in our country. some of our small businesses

Christopher S. Bond

1:05:55 to 1:06:16( Edit History Discussion )

Christopher S. Bond: have told me it's not uncertainty, it's the certainty. they know what the federal government has already done in the health care bill that this body unfortunately passed. what's the answer from washington to the situation? more job-killing taxes. let me be very clear. the last thing we should be doing in this difficult economy

Christopher S. Bond

1:06:17 to 1:06:37( Edit History Discussion )

Christopher S. Bond: is raising taxes on american families and small businesses. it is a recipe for disaster. i don't think that anyone really believes that raising taxes on somebody in a recession is a good idea, particularly on the very small businesses we need to get to hire more workers and get the economy back on track, but

Christopher S. Bond

1:06:38 to 1:06:59( Edit History Discussion )

Christopher S. Bond: unless congress acts before the end of this year, that's exactly what will happen. this is not a republican or democrat issue, which is why 31 house democrats have recently written the speaker of the house, urging her to act now to stop the tax increases on the american people. as these 31 democrats said, defying their leadership,

Christopher S. Bond

1:07:00 to 1:07:21( Edit History Discussion )

Christopher S. Bond: raising taxes now to negatively affect economic growth, and obviously that would affect jobs. instead of listening to the american people and even those members of his own party, president obama is trying to convince our nation that the largest tax increase in history won't hurt them. whether it's justifying their failed trillion dollar stimulus

Christopher S. Bond

1:07:22 to 1:07:43( Edit History Discussion )

Christopher S. Bond: bill or a government takeover of health care which will cost even more, and now their historic tax increases, the administration is guilty of using some very fuzzy math. last week, the president took the airwaves and claimed that he opposes tax cuts for millionaires, a statement he repeated in ohio as well. but the president's plan to increase taxes is on any

Christopher S. Bond

1:07:44 to 1:08:04( Edit History Discussion )

Christopher S. Bond: individual earning $200,000 or more or any couple earning $250,000 or more. now, i don't know who the president is talking to, but i don't know that any missouri -- of any missouri families who have two working people making $250,000 a year who consider themselves millionaires. in fact, these missouri families

Christopher S. Bond

1:08:05 to 1:08:25( Edit History Discussion )

Christopher S. Bond: would be surprised that the president lumps themselves in the same category as george soros or warren buffett or bill gates. this is really a tax increase on small businesses. under the president's tax increase, half of all small business income would be affected under the tax increase

Christopher S. Bond

1:08:26 to 1:08:47( Edit History Discussion )

Christopher S. Bond: plan the president has, and that would affect up to 25% of all american workers who are employed by those small businesses, and they certainly will be affected. according to the "wall street journal"'s september 9 article entitled "small business tax hike and the 3% fallacy," i.r.s.

Christopher S. Bond

1:08:48 to 1:09:08( Edit History Discussion )

Christopher S. Bond: data shows that 48% of the net income of sole proprietorships, partnerships and s. corporations reported on tax returns went to households with incomes over over $200,000 a year in 2007. it's very clear that we're talking about small businesses that have a much broader impact than just 3% of all taxpayers as

Christopher S. Bond

1:09:09 to 1:09:29( Edit History Discussion )

Christopher S. Bond: the spin we hear from the white house puts it. the plan to increase taxes defies common sense. at a time when we need small businesses to expand their business and to create jobs, president obama plans on raising their taxes. imagine that. when jobs should be our top priority, with unemployment near

Christopher S. Bond

1:09:30 to 1:09:50( Edit History Discussion )

Christopher S. Bond: 10%, this congress and the president are proposing an historic job-killing tax increase. bear in mind, according to the small business administration, small businesses employ half of all private sector employees, they generate 65% or 9.8 million of the 15 million net new jobs

Christopher S. Bond

1:09:51 to 1:10:11( Edit History Discussion )

Christopher S. Bond: produced over the past 17 years. they produce 13 times more patents per employee than large patenting firms. the president has actually been very clear about his intentions for additional revenue raised by tax increases. as a matter of fact, on september 8 in parma, ohio, the president repeatedly said --

Christopher S. Bond

1:10:12 to 1:10:32( Edit History Discussion )

Christopher S. Bond: quote -- "i have a whole bunch of better ways to spend their money." well, mr. president, i strongly disagree. as milton freedman once famously said, nobody spends somebody else's money as wisely as they spend their own. i think we have all seen proof of this over the past 21 months, and it is not working.

Christopher S. Bond

1:10:33 to 1:10:54( Edit History Discussion )

Christopher S. Bond: the nearly trillion dollar stimulus plan that was supposed to create jobs immediately and keep unemployment below 8% failed, and now our children and our children's children are stuck with a bill that will be on their credit cards for a long, long time. but now the administration is pushing for even more tax increases in order to finance

Christopher S. Bond

1:10:55 to 1:11:15( Edit History Discussion )

Christopher S. Bond: their massive spending spree. each time i return home, i am reminded of the anger and the distrust that my constituents have for washington. the people of my state are angry, they are on fire. they have every right to be. people in missouri know that additional tax revenue generated from their hard work will not be used to pay down our national debt, but instead it will be

Christopher S. Bond

1:11:16 to 1:11:36( Edit History Discussion )

Christopher S. Bond: used for more spending that they do not want and the country cannot afford. the people in missouri know that they cannot afford these tax increases. they want to keep more of their hard-earned paychecks so they can support their families. now, on dividends and capital gains, the administration believes the taxes should go up. they also believe that two types

Christopher S. Bond

1:11:37 to 1:11:57( Edit History Discussion )

Christopher S. Bond: of taxes on investments should be treated differently, with dividends being taxed as high as nearly 40%. higher taxes on investment income will halt new investment and force these investors are much-needed capital onto the sidelines. if you tax something, you get less of it. if you reduce taxes, you get

Christopher S. Bond

1:11:58 to 1:12:19( Edit History Discussion )

Christopher S. Bond: more of it. but since congress passed the 2000-plus regulatory overreach bill this year, we have seen a drought in capital formation, and tax increases will only continue to discourage private, productive capital formation in the nongovernmental private sector. the looming tax increases will

Christopher S. Bond

1:12:20 to 1:12:40( Edit History Discussion )

Christopher S. Bond: raise the price of capital and make lending much more expensive than it would be if we had properly reined in the bad act and allowed the lending system to base on practices with creditworthiness. this means it would be even harder for our small businesses to get the lending and borrow what they need to continue to meet their payrolls, continue to

Christopher S. Bond

1:12:41 to 1:13:02( Edit History Discussion )

Christopher S. Bond: employ workers and keep their lights on. dividends now are payments made to shareholders by a profitable firm. they are the owners of the firm. many of the folks who receive dividend income are not multimillion-dollar investors, but rather many of them are seniors who rely on this as a splem to their retirement income. we should not raise taxes on

Christopher S. Bond

1:13:03 to 1:13:24( Edit History Discussion )

Christopher S. Bond: seniors who rely on this income. recently, i heard from a utility in my state that came in and talked about the increased dividend tax and the concern of what it would do to their shareholders. many of their investors are senior citizens. by no means rich and who live off this income every day. they don't want to have and cannot afford to have government

Christopher S. Bond

1:13:25 to 1:13:46( Edit History Discussion )

Christopher S. Bond: reach into their pockets and take more money. now, on the estate tax, that should not be a taxable event. there should not be taxation without respiration. the death tax hurts small family-owned businesses, especially our family farmers. according to the farm bureau,

Christopher S. Bond

1:13:47 to 1:14:07( Edit History Discussion )

Christopher S. Bond: individuals and family partnerships or family corporations own 98% of our nation's two million farms and ranches. when faced with the death tax, farms and ranches are in an especially tough spot, with most of their assets tied up in land, livestock and equipment. this gives them little flexibility when selling an estate. unlike an investor with a stock

Christopher S. Bond

1:14:08 to 1:14:28( Edit History Discussion )

Christopher S. Bond: portfolio, they can't simply sell off a block of stock and move on. the death tax punishes the american dream, making it virtually impossible for the american family to build across generations, and particularly true for family farms. the death tax is antisavings, antifarming and antiinvestment.

Christopher S. Bond

1:14:29 to 1:14:49( Edit History Discussion )

Christopher S. Bond: it is simply un-american and it should be eliminated, but at least it should be reduced. the senate has failed to repeal this tax. i have signed on to the next best alternative, a bipartisan bill introduced by senators lincoln and kyl which would increase exemption for families to $5 million from the $3.5 million in the previous law.

Christopher S. Bond

1:14:50 to 1:15:10( Edit History Discussion )

Christopher S. Bond: under the president's plan, when you die, your estate will be taxed at a whopping 55% of assets above $1 million. the kyl-lincoln bill i'm cosponsoring would reduce this rate to 35% for assets above the $5 million exemption. why is this important? let me talk about farm country, where i live. everybody knows that a

Christopher S. Bond

1:15:11 to 1:15:32( Edit History Discussion )

Christopher S. Bond: successfully operated family-owned grain or corn or soybean farm is -- is likely to have a million dollars worth of land and likely more than a million dollars worth of farm equipment so they can be a productive farmer in the world competitive economy. the president's plan would force

Christopher S. Bond

1:15:33 to 1:15:55( Edit History Discussion )

Christopher S. Bond: these family farms to close rather than pass to the next generation of family farmers. friends, unless congress acts now, in less than a hundred days, americans will be hit with the largest tax cut in our nation's history. that's why i've joined with senators mcconnell, grassley

Christopher S. Bond

1:15:56 to 1:16:16( Edit History Discussion )

Christopher S. Bond: and others to stop these tax hikes, cosponsoring the tax hike prevention act. this bill prevents the tax hike scheduled for next year, permanently patches the alternative minimum tax and protects families from increased death taxes. for most americans, across the nation, recovery is what we need.

Christopher S. Bond

1:16:17 to 1:16:37( Edit History Discussion )

Christopher S. Bond: we need it in my state. we need it in every state. small businesses are not hiring. new workers are expanding. that's because it's not just the uncertainty, it's certainty of what the federal government is doing to them. and unemployment has been hovering at almost 10%. more than 3 million americans have lost their jobs since february of 2009 and more have quit looking or are underemployed.

Christopher S. Bond

1:16:38 to 1:16:58( Edit History Discussion )

Christopher S. Bond: one of the best ways to help our economy and end the uncertainty that's crippling job creation is to stop the coming tax hikes. in addition to helping small businesses, stopping the coming tax hikes would let americans keep more of their paychecks that they can save and invest. our citizens know how to spend their money better than any

Christopher S. Bond

1:16:59 to 1:17:20( Edit History Discussion )

Christopher S. Bond: government bureaucrat. we've tried it with the government running it. we tried it with the government stimulus. government stimulus stimulated the expansion of government. that's not productive. let's try it the other way. let's go back to what we used to do many this country and let the private -- do in this country and let private sector work and develop useful product and services, sell those products, gain a

Christopher S. Bond

1:17:21 to 1:17:25( Edit History Discussion )

Christopher S. Bond: profit and hire more workers. mr. president, it's time that

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