Video archive of the US Congress

Senate Proceeding on Dec 14th, 2009 :: 5:04:10 to 5:07:15
Total video length: 6 hours 13 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

5:04:06 to 5:04:29( Edit History Discussion )

Bob Corker: i see what small business organizations are saying, but you've been there. tell me how you view -- mr. corker: i just met with a business man in tennessee on one of my mor recent trips. they have an annual payroll of $4.2 million -- no, their health care costs are $4.2 million a year for their employees.

Bob Corker

5:04:10 to 5:07:15( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

5:04:30 to 5:04:51( Edit History Discussion )

Bob Corker: and they file their tax return as and so the income from the company actually ends up being attributed to the partners. and so when they file tax return, they don't take the money out of the company. they leave the money in to invest and make sure it's productive, and they have jobs for other people.

Bob Corker

5:04:52 to 5:05:12( Edit History Discussion )

Bob Corker: but that income is attributed to them. so he was showing me what this bill did to them. first of all, their percentage of health care costs is 12% of their payroll. and -- so he's way above the minimums that this bill has said

Bob Corker

5:05:13 to 5:05:33( Edit History Discussion )

Bob Corker: you have to be, i or something like that. by the time he looked at the taxes that were going to be assessed to them because they filed -- in other words, against their individual income, even though the money stayed within the company itself, what he was saying is this means not only will we not hire any additional

Bob Corker

5:05:34 to 5:05:54( Edit History Discussion )

Bob Corker: employees, we're not going to do that. but in addition to that, we're going to seriously look at just dropping our health care plan and paying the penalties that come with this bill. and i will say this: i do fear one of the things that people do when they see that the government -- you know, a lot of

Bob Corker

5:05:55 to 5:06:15( Edit History Discussion )

Bob Corker: companies in this country do things because they think it's the right thing to do. but a lot of companies, when they see government sort of mandating what they have to do, or if they don't do that, there's an option for them, just to opt out and pay a palty, when they feel like the government is being intrusive, sometimes they just decide,

Bob Corker

5:06:16 to 5:06:36( Edit History Discussion )

Bob Corker: look, i'm not going to do this anymore. and so what i would say, to answer your question, is, number one, you end up people's wages when you have these huge increases because at the end of the day you've got to have a profit at the end to operate. you discourage people who are

Bob Corker

5:06:37 to 5:06:58( Edit History Discussion )

Bob Corker: trying to do the right you tax people at a level that because of the way our taxation system works, takes money out of the company which, again, is used for produive good to hire employees. and so what i would say at the very time when we're ting to create jobs -- and i know you've been out here a great deal talking about the fact that we

Bob Corker

5:06:59 to 5:07:16( Edit History Discussion )

Bob Corker: need to create jobs in this country, we have legislation -- this legislation tt is before us is a job killer. and the uncertainty of the american companies about health care and then the fiscal issues and then this whole notion of

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