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Senate Proceeding on Dec 14th, 2010 :: 2:37:55 to 2:43:35
Total video length: 2 hours 43 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

2:37:51 to 2:38:11( Edit History Discussion )

Johnny Isakson: consent the amendment number 4805 be printed. the presiding officer: is there objection? without objection, it will be printed. mr. isakson: mr. president? the presiding officer: the senator from georgia is recognized of the mr. isakson: i ask consent to be recognized for up to seven minutes. the presiding officer: without objection. mr. isakson: mr. president,

Johnny Isakson

2:37:55 to 2:43:35( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

2:38:12 to 2:38:32( Edit History Discussion )

Johnny Isakson: thank you very much. i rose yesterday afternoon when we opened the vote at 3:00 p.m. and voted in favor of going to a final vote today on the tax package before us. like many have expressed in this body, there are things i like and things i dislike about it, but i come to the floor today to talk about the things i like about it and to make a particular point with regard to scoring. first, i want to point out that

Johnny Isakson

2:38:33 to 2:38:53( Edit History Discussion )

Johnny Isakson: 41 days ago, the people of the united states went to the polls and voted, and in the state of georgia, they voted for me. and i ran a campaign on the basis that we do not have a tax problem, we have a spending problem. i ran a campaign based on the american people wanting us in washington to do what they've had to do the last three years: sit down at the kitchen table, reprior despise spend within

Johnny Isakson

2:38:54 to 2:39:14( Edit History Discussion )

Johnny Isakson: their means. -- reprioritize and spend within their means. and we must do that. i commend what senator conrad from north dakota and said i commend his courage and those others that voted for the deficit reduction commission report, because it's the kind of shared sacrifice and tough love that all of us must do next year to rein in the spending in this country and get our balance back.

Johnny Isakson

2:39:15 to 2:39:36( Edit History Discussion )

Johnny Isakson: but in the immediate future, in the next 3 1/2 weeks, americans' taxes are going up at a time of recession and high unemployment. that doesn't make any sense. i didn't like puts a sunset on the tax package when i was back in the house because i feared what was happening now, protracted uncertainty, two-year rules, american business not knowing what to do.

Johnny Isakson

2:39:37 to 2:39:58( Edit History Discussion )

Johnny Isakson: so while i'll vote for this package today, i hope we'll learn the lesson that two-year i incremental sunsets or things like that are not good for the economy and not good for mechanic. we as members of this congress and this united states senate, must deal with challenges with they confront, not by arbitrarily setting times for sunsets and sunrises that

Johnny Isakson

2:39:59 to 2:40:19( Edit History Discussion )

Johnny Isakson: make us set policy under duress and difficult circumstances. but on the scoring issue, i want to point out two things about the tax rates and about the estate tax. there are those that say by extending the existing tax rates, we cut revenue that would have come in. well, hypothetically, that's correct. but in reality, that's not correct. because historically, from john

Johnny Isakson

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

Johnny Isakson: kennedy to ronald reagan to george w. bush, republicans and democrats who were confronted with difficult economic times, when they changed tax policy and lessened the burden, they increased the revenue. and so my forecast, based on the next two years, is we'll see for the first time a clear example of dynamic scoring and hopefully change a little bit of c.b.o.'s

Johnny Isakson

2:40:41 to 2:41:01( Edit History Discussion )

Johnny Isakson: mind on how they look on tax policy. because i think you're going to see more employment, you're going to see more risk capital put out by business, you're going to see a sense of certainty and a sense of optimism which certainly our country needs. now, as far as the estate tax -- and i love very much the senator from north dakota but i disagree vehemently on his explanation of

Johnny Isakson

2:41:02 to 2:41:23( Edit History Discussion )

Johnny Isakson: the way he explained the estate tax. let me tell you the reality of t estate tax. i've dwelt it and i've dealt with it for 33 years as a real estate broker in the state of georgia. the assets of most american families are real estate, whether it's farmers and landowners or whether it's simply a homeowner. other wealth in america is by people who have a sm business. with a confiscatory tax rate of

Johnny Isakson

2:41:24 to 2:41:44( Edit History Discussion )

Johnny Isakson: 55%, which is what it would be january 1 and an inordinately low deduction or unified credit of $1 million, most american landowners, most american business owners who had an estate worth anything over a million dollars would have had to liquidate their assets to pay their tax. a little-known fact about the i.r.s. code that a lot of people

Johnny Isakson

2:41:45 to 2:42:06( Edit History Discussion )

Johnny Isakson: don't realize but we all suffer from is when you die, you've got nine months to file your taxes and pay your taxes with the government. they have three years to say whether or not they'll accept it or not. so in a nine-month period of time, a family at a point of bereavement, with some assets, find themselves taxed at a rate of 55%, that's con tisk to her and it's no confiscatory and it's not right.

Johnny Isakson

2:42:07 to 2:42:27( Edit History Discussion )

Johnny Isakson: number two, if they have to liquidate their property or sell their business, that's set no longer produces income, therefore, income taxes go down. committee demonstrate on a graph or a chart or a blockboard that an asset that has to be liquidated to pay a tax of 55% one time does not over ten years pay as much as would have been paid of the earned income that that small business or that land

Johnny Isakson

2:42:28 to 2:42:49( Edit History Discussion )

Johnny Isakson: would have created. so the estate tax two-year deal is a good deal and it should be permanent. $5 million is a lot of money but in the scheme of things, for a small business, a family farm, a cooperative, it's not a lot of money. but it's the lifeblood of a lot of families. and if we confiscate that business or confiscate that land because the tax rate forces a sale, then we're actually

Johnny Isakson

2:42:50 to 2:43:10( Edit History Discussion )

Johnny Isakson: hurting ourselves in the long run and we're hurting families in the long run. now, lastly, there is a spending component and we're going to have to next year sit down and deal -- sit around the kitchen table of the united states senate and deal with our spending because it is out of hand. but i do believe, mr. president, that the tax policy we are extending for the next two years will bode well for our economy.

Johnny Isakson

2:43:11 to 2:43:32( Edit History Discussion )

Johnny Isakson: i agree with senator conrad that it will probably help increase productivity by about a third which will be good for our country, it will be good for our tax rates. if we can combine that with a fiscal policy that has shared sacrifice and tough love when it comes to spending, we can regenerate the american dream and the great engine of american entrepreneurship and return our

Johnny Isakson

2:43:33 to 2:43:38( Edit History Discussion )

Johnny Isakson: country to the prosperity we all hope and desire it will be. and with those remarks,

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