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Senate Proceeding on Sep 27th, 2010 :: 2:32:00 to 2:42:34
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Susan Collins

2:31:42 to 2:32:06( Edit History Discussion )

Susan Collins: quorum call: the presiding officer: the senator from maine. ms. collins: mr. president, i ask unanimous consent that proceedings under the call be dispensed with. the presiding officer: without objection. ms. collins: thank you, mr. president. mr. president, i rise today to express my concern that the senate may adjourn this week

Susan Collins

2:32:00 to 2:42:34( Edit History Discussion )
Speech By: Susan Collins

Susan Collins

2:32:07 to 2:32:29( Edit History Discussion )

Susan Collins: without extending the 2001 and 2003 tax relief provisions which are slated to expire on january 1. mr. president, these tax laws include important reforms, such as the 10% tax rate, relief from

Susan Collins

2:32:30 to 2:32:50( Edit History Discussion )

Susan Collins: the marriage tax penalty, the child tax credit. they provide tax relief to nearly 90% of all mainers. if they are not extended virtually every maine family and

Susan Collins

2:32:51 to 2:33:14( Edit History Discussion )

Susan Collins: many, indeed most, of our small businesses will see their taxes increase. if these tax relief provisions are not extended, the typical american family of four with a household income of approximately $50,000, will see

Susan Collins

2:33:15 to 2:33:36( Edit History Discussion )

Susan Collins: their taxes increase by about $2,900 next year. that's right, mr. president. coupled with tax increases that are included in the new health care reform law, which i opposed, the result would be one

Susan Collins

2:33:37 to 2:33:59( Edit History Discussion )

Susan Collins: of the largest tax increases in our history. mr. president, many economists contend that this is the worst possible time to increase taxes because our economy is so fragile. i fully agree with them.

Susan Collins

2:34:00 to 2:34:21( Edit History Discussion )

Susan Collins: i cannot imagine anyone even contemplating increasing taxes in the midst of a recession. the consequences for small businesses would also be dire. higher taxes would take critical investment dollars away, leaving

Susan Collins

2:34:22 to 2:34:43( Edit History Discussion )

Susan Collins: less for innovation and expansion, not to mention employee wages and benefits. raising taxes when the economy is still weak would make it difficult and in some cases impossible for small businesses to start up, grow, and create

Susan Collins

2:34:44 to 2:35:06( Edit History Discussion )

Susan Collins: jobs. mr. president, peter orszag, president obama's former o.m.b. director, recently penned an op-ed for "the new york times" in which he argued that this is no time to raise taxes. as he recently pointed out, the

Susan Collins

2:35:07 to 2:35:29( Edit History Discussion )

Susan Collins: failure to extend existing tax relief would -- quote -- "make an already stagnating job market worse" -- end quote. he went on to say, "higher taxes now would crimp consumer spending, further depressing the

Susan Collins

2:35:30 to 2:35:50( Edit History Discussion )

Susan Collins: already inadequate demand for what firms are capable of producing at full fillet" -- end quote. mr. president, i hope that president obama will heed the advice of his former budget director and abandon his plan to raise taxes at this critical

Susan Collins

2:35:51 to 2:36:12( Edit History Discussion )

Susan Collins: time. let me talk about what the impact would be businesses in the state of maine. now, first it's important to understand that many small businesses are pass-through

Susan Collins

2:36:13 to 2:36:34( Edit History Discussion )

Susan Collins: enties such as sole proprietorships, partnerships, and "s" corporations. these small businesses must report their earnings on their owners' individual income tax returns. the joint committee on taxation

Susan Collins

2:36:35 to 2:36:55( Edit History Discussion )

Susan Collins: has estimated that there's some 750,000 pass-through small businesses in the top two tax brackets. i would like to share with my colleagues examples of a couple of small businesses in my state of maine that would be hurt by this tax increase.

Susan Collins

2:36:56 to 2:37:17( Edit History Discussion )

Susan Collins: they are representative of many others, of course. this august i toured several remarkable businesses, all over the great state of maine. their products are diverse, and

Susan Collins

2:37:18 to 2:37:38( Edit History Discussion )

Susan Collins: their histories ve histories graye vary gravely but they share a commitment to ingenuity and excellence. the employers of these small businesses worked so hard. an example is d & g machine products of westbrook. its name and product may not be

Susan Collins

2:37:39 to 2:38:01( Edit History Discussion )

Susan Collins: familiar to the general public, but it is internationally known and respected throughout the pulp and paper, high technology, power, petrochemical, food processing, aerospace, and defense industries. its precision, design,

Susan Collins

2:38:02 to 2:38:22( Edit History Discussion )

Susan Collins: maching, and fabrication operations put maine on the cutting edge of innovation. as is so often the case, success started small with this small business. d & g was founded in 1967 by

Susan Collins

2:38:23 to 2:38:43( Edit History Discussion )

Susan Collins: dave gushy and fred loring in a one-car garage behind dave's home. they specialized in producing custom tooling and dyes for equipment manufacturers in the portland area and soon added fabrication and welding services.

Susan Collins

2:38:44 to 2:39:06( Edit History Discussion )

Susan Collins: d & g's founding principles of quality, attention to detail, and delivering unsurpassed customer satisfaction paid off. within a few years, this young company outgrew the tiny garage and expanded into sophisticated

Susan Collins

2:39:07 to 2:39:30( Edit History Discussion )

Susan Collins: design and engineer servicing services. and today d & g has more than 100,000 square feet of shop space and more than 130 highly skilled and dedicated employees. i met many of them during my tour last month. duane gushy, who now runs the

Susan Collins

2:39:31 to 2:39:52( Edit History Discussion )

Susan Collins: company, tells me that he's very concerned about the impact that higher taxes would have on his company's ability to compete. duane pointed out to me that his company does not compete primarily against other maine

Susan Collins

2:39:53 to 2:40:13( Edit History Discussion )

Susan Collins: firms or even against just other u.s. companies; it has to compete successfully with companies all around the world for markets and for customers. without constant innovation and investment and cutting-edge

Susan Collins

2:40:14 to 2:40:34( Edit History Discussion )

Susan Collins: technology, d & g will lose its customers and its employees will lose their jobs. if we don't act, the tax increase that will hit d & g on january 1 will take money out of its bottom line, money that is

Susan Collins

2:40:35 to 2:40:58( Edit History Discussion )

Susan Collins: need to upgrade equipment and stay ahead of foreign competition. another small business that i visited is pottl es transportation, a trucking company headquartered in bangor, maine. this company was founded in

Susan Collins

2:40:59 to 2:41:20( Edit History Discussion )

Susan Collins: 1972, and it has grown to more than 200 employees with 150 trucks. pottles now provides service throughout the continental u.s. and canada, although it concentrates its efforts in the northeast. it is known for maintaining an

Susan Collins

2:41:21 to 2:41:43( Edit History Discussion )

Susan Collins: impressive on-time delivery record without ever sacrificing service. in fact, it has received award after award in recognition for its safety record. pottle is also known for its commitment to the environment.

Susan Collins

2:41:44 to 2:42:04( Edit History Discussion )

Susan Collins: pottle is a member of e.p.a.'s smart way program and received the e.p.a. environmental merit award in 2008. now, the past few years have been very tough on the trucking industry. barry pottle, who runs the

Susan Collins

2:42:05 to 2:42:25( Edit History Discussion )

Susan Collins: company, tells me that 1,100 trucking companies around the country have gone under so far this year. his company is in the black right now, but it's a real struggle to generate the capital need to keep his trucks on the

Susan Collins

2:42:26 to 2:42:34( Edit History Discussion )

Susan Collins: road. pottles needs to buy 25 to 30 trucks every year just to maintain its fleet.

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