Senate Proceeding on Oct 28th, 2009 :: 7:40:35 to 7:45:55
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7:40:31 to 7:40:52( Edit History Discussion )

Jon Kyl: bureaucrat or an insurance mr. president, i yield the floor. senator from arizona. mr. kyl: thank you, mr. president. i ask unanimous consent that at the conclusion of my remarks, the senator from pennsylvania, senator casey, be recognized. the presiding officer: without objection. mr. kyl: thank you. i want to thank him for his courtesy in allowing me to

7:40:35 to 7:45:55( Edit History Discussion )
Speech By: Jon Kyl

7:40:53 to 7:41:14( Edit History Discussion )

Jon Kyl: proceed -- precede his remarks this evening. mr. president, a little more than a year ago president obama said "i can make a firm pledge. under my plan, no family making less see any form not your income tax, not your payroll tax, not your capital gains taxes. not any of your taxes." end quote.

7:41:15 to 7:41:35( Edit History Discussion )

Jon Kyl: well, we haven't seen the bill yet, the bill written in the majority leader's office, but it's probably fair to assume will cover most of the tax provisions. so how does the president's commitment fare under the finance committee bill? it turns out that the bill will raise y in fact, it will raise them in

7:41:36 to 7:41:56( Edit History Discussion )

Jon Kyl: several ways. first, the finance committee bill would levy aost of new taxes on millions of americans, and i'm not just talking about the wealthy. in middle-income americans who i think would tell you they've already got enough taxes to worry about. but let me discuss the specific elements of this bill.

7:41:57 to 7:42:17( Edit History Discussion )

Jon Kyl: the first one is on taxing flexible savings accounts. under current law, employees can make contributions to flexible middle-income families enjoy the benefits of these accounts which allow them to set aside tax-free income for their medical expenses.

7:42:18 to 7:42:40( Edit History Discussion )

Jon Kyl: employees council estimates the median income for the 35 million americans who have an f.s.a. is $55,000. the bill would limit their contributions to less they can contribute, the more their the total cost for taxpayers? $15 billion over ten years. the finance bill would also tax many americans through their

7:42:41 to 7:43:02( Edit History Discussion )

Jon Kyl: insurance plan by excise tax on certain high-cost plans. so while another part of the bill taxes you if you don't buy insurance, this provision will tax you if you buy too much. so tax number buy insurance. tax number three if you buy more than washington thinks you should.

7:43:03 to 7:43:24( Edit History Discussion )

Jon Kyl: tax number four, americans who suffer chronic -- catastrophic illnesses and ill would face a harmful change in the i.r.s. code, the tax code. currently catastrophic medical expenses are deductible if they exceed 7.5% of income. the bill threshold to 10%.

7:43:25 to 7:43:45( Edit History Discussion )

Jon Kyl: 87% of americans who would be hit by this t $100,000 a year. seniors, who already face would be exempt from this tax for only four years. in addition to raising these four taxes, the bill taxes insurance which will be passed

7:43:46 to 7:44:06( Edit History Discussion )

Jon Kyl: on to whoefrpb buys health insurance. specifically, the bill would impose an annual $6.7 billion so-called f industry. the entire amount collected by this tax? $67 billion over ten years. it would be passed on to patients in the form of higher premiums according to the congressional budget office.

7:44:07 to 7:44:28( Edit History Discussion )

Jon Kyl: that's tax number five. the bill will also impose a new tax on camel devices. $40 billion -- on medical devices. the entire cost of this tax too would be passed on to patients in the form of higher premiums according to the c.b.o. a medical device tax will be assessed against thousands of

7:44:29 to 7:44:51( Edit History Discussion )

Jon Kyl: products such a contact lenses, stethoscopes, hospital beds, artificial heart valves and advanced diagnostic equipment, thereby increasing costs for consumers, physicians practices and hospitals. there is serious bipartisan concern over this provision, but last time we looked, it's still in the bill. here's six ways americans

7:44:52 to 7:45:14( Edit History Discussion )

Jon Kyl: earning less than $250,000 be taxed contrary to the president's promise. some are direct taxes, like the i.r.s. tax, if you don't buy the exact insurance policy washington says you must. others are indirect, nonetheless because the first target, be it the device manfacturer or the insurance company, will, according to the

7:45:15 to 7:45:35( Edit History Discussion )

Jon Kyl: c.b.o., pass you. bottom line, mr. president, is the tax provisions in the bill will, in fact, violate a fundamental promise that president obama has made about health care, not to raise taxes on middle-income americans. the american people have a right to expect some guarantees washington. keeping the promise on tax increases is one of them but

7:45:36 to 7:45:55( Edit History Discussion )

Jon Kyl: that's not the direction that this bill is moving in. this bill would increase taxes on working families, seniors, and the chronically ill by more than $500 billion over 10 years. republican starting with protection from taxes and premium increases. the point of health care reform is to make it better for