Metavid

Video archive of the US Congress

Senate Proceeding 12-14-10 on Dec 14th, 2010 :: 4:51:55 to 5:04:20
Total video length: 7 hours 8 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:55 Duration: 0:12:25 Discussion

Previous speech: Next speech:

Benjamin L. Cardin

4:51:52 to 4:52:12( Edit History Discussion )

Benjamin L. Cardin: floor. a senator: mr. president? the presiding officer: the sena recognized. mr. cardin: thank you, mr. president. i take this time to talk about the tax relief unemployment insurance reauthorization and job creation act, the tax package, the senate amendment 4753. this is the tax bill that we've

Benjamin L. Cardin

4:51:55 to 5:04:20( Edit History Discussion )
Speech By: Benjamin L. Cardin

Benjamin L. Cardin

4:52:13 to 4:52:35( Edit History Discussion )

Benjamin L. Cardin: been talking about for the last several weeks. and the first thing i just want to point out to my colleagues is that this bill is the result of a compromise. and like any compromise, there's some provisions that i strongly support and there are provisions that i would have preferred not to see in this legislation. that i oppose. and you have to evaluate the positive aspects as well as

Benjamin L. Cardin

4:52:36 to 4:52:56( Edit History Discussion )

Benjamin L. Cardin: those provisions that i would prefer not to be included. there's some very important provisions that are included in this legislation that i fought long and hard to make sure we accomplished before congress adjourns this year. first and foremost is a provision that would extend the current tax rates for middle-income families.

Benjamin L. Cardin

4:52:57 to 4:53:18( Edit History Discussion )

Benjamin L. Cardin: if we don't do that by december 31, those tax rates would go up and the withholding schedules would be changed. the bill also extends unemployment insurance, a matter that i have voted on the floor when i have spoken -- one i have spoken on the floor about. the fairness and importance to our economy of extending unemployment compensation

Benjamin L. Cardin

4:53:19 to 4:53:42( Edit History Discussion )

Benjamin L. Cardin: benefits for those who are unemployed giving the more recent unemployed the same benefits we gave the earlier unemployed under -- during this downturn in our economy. those benefits would be available through 2011. i think that's an extremely important provision, not just for the individual who depends upon it in order to pay her

Benjamin L. Cardin

4:53:43 to 4:54:04( Edit History Discussion )

Benjamin L. Cardin: mortgage or to pay their bills, but i think it's important because it speaks to the fairness of our society during a recession. this is an insurance program. it is meant to provide benefits to those who have been in our workforce who have lost their jobs, and as i will point out also, it's very important for our economy as far as our recovery is concerned.

Benjamin L. Cardin

4:54:05 to 4:54:26( Edit History Discussion )

Benjamin L. Cardin: the legislation also extends the child tax credit. this is very important to middle-income families in our community, for that child credit to be available. and it's refundable, which is a provision that helps the lower-wage families particularly. it extends the american opportunity tax credit to help middle-income families be able to afford college education for

Benjamin L. Cardin

4:54:27 to 4:54:48( Edit History Discussion )

Benjamin L. Cardin: their children up to $2,500 a year. that can make the difference between a person being able to go to a college or not, or go to a school that they want to go to, which is not only important for that family, it's also important for our country, investing in education is a best investment in order for america to be competitive internationally.

Benjamin L. Cardin

4:54:49 to 4:55:10( Edit History Discussion )

Benjamin L. Cardin: the legislation also extends certain green energy tax credits. well, that means jobs. investing in green energy will help our economy create and keep jobs here in america. it will help us on an energy policy. it will not only be friendly towards our environment but help us in regards to national security so we don't have to

Benjamin L. Cardin

4:55:11 to 4:55:32( Edit History Discussion )

Benjamin L. Cardin: import oil from countries who disagree with our way of life. this legislation also provides important tools for business to invest in job growth by allowing allowing expensing. mr. president, that means simply that a company that makes an investment in order to create more jobs will be able to write off that investment during 2011

Benjamin L. Cardin

4:55:33 to 4:55:54( Edit History Discussion )

Benjamin L. Cardin: rather than having to wait and amortize it over a longer period of time. a major incentive to get businesses more actively involved in make the investments we need to create jobs. it's particularly important for small companies. i hear frequently from small businesses in my own state of maryland that tell me how difficult it is for that business owner to make the type

Benjamin L. Cardin

4:55:55 to 4:56:17( Edit History Discussion )

Benjamin L. Cardin: of investments necessary to take advantage of job growth and expensing helps them make that decision now, giving confidence to our economy, which is something we desperately need. now, these provisions and others -- and there are many others in the bill -- will help our economy. i need not remind the members of

Benjamin L. Cardin

4:56:18 to 4:56:38( Edit History Discussion )

Benjamin L. Cardin: this body that we've a 9.8% unemployment rate in this country. that's not accept ible to any one of us. it is the wrong time to allow tax rates to go up for middle-income families when you have that type of unemployment in this nation. the provisions that i outline will help us in job growth. the economists are in agreement. the passage of these provisions

Benjamin L. Cardin

4:56:39 to 4:56:59( Edit History Discussion )

Benjamin L. Cardin: will save and create millions of jobs here in america. and that's what we need to do. we need to get our people to work, because then we can deal with the other tough issues of this country. and i'll get to it -- including deficit reduction and getting our budget in balance. it is difficult to do that until we get our economy back on track. so the first priority is to get

Benjamin L. Cardin

4:57:00 to 4:57:22( Edit History Discussion )

Benjamin L. Cardin: americans back to work, and the provisions i outlined will all help in that regard. it's very clear to me from the constituents in maryland that during these tough economic times, it's the wrong time -- the wrong time -- to increase rates for middle-income families, and i made it clear that i would do everything i could to make sure that wouldn't happen.

Benjamin L. Cardin

4:57:23 to 4:57:43( Edit History Discussion )

Benjamin L. Cardin: the largest (a) amount of the $858 billion -- the largest amount of the $858 billion that that package provides in tax reervelings the overwhelming amount, will go to -- the overwhelming amount will go to benefit middle-income families. but there are other provisions that i don't believe are helpful for job growth in mechanic. i don't believe they're worth

Benjamin L. Cardin

4:57:44 to 4:58:05( Edit History Discussion )

Benjamin L. Cardin: the cost for the jobs that it may create. and i want to refer to two of those provisions that i strongly object to. and i would have preferred not being in this package. the extension of tax breaks for the higher-income wage earners. they'll do very little to spur additional economic growth. let me just give you an example. if you're making $1 million a

Benjamin L. Cardin

4:58:06 to 4:58:28( Edit History Discussion )

Benjamin L. Cardin: year and you get thousands of dollars of tax relief provided under this legislation, the odds that you're going to spend mured and help stimulate the economy is very remote. it is another thing if you are unemployed and get an unemployment check. that money goes back into the economy and will help create jobs. but people who are well-off, millionaires, the economic

Benjamin L. Cardin

4:58:29 to 4:58:49( Edit History Discussion )

Benjamin L. Cardin: benefit of extending these tax rates are very marginal, very minimal compared to the cost of extending the tax breaks for our wealthiest. it's consistent with how i voted last saturday. last saturday i voted to extend the tax rates for those under $1 million. i thought that was the right way. a good compromise.

Benjamin L. Cardin

4:58:50 to 4:59:11( Edit History Discussion )

Benjamin L. Cardin: unfortunately, the bill we have before us extends the tax rates for all taxpayers. the second provision that i strongly object to being in this package is the estate tax relief. the estate tax relief would provide for the next two years families with $10 million of an

Benjamin L. Cardin

4:59:12 to 4:59:34( Edit History Discussion )

Benjamin L. Cardin: estate or lower to be totally exempt from the federal estate tax and would reduce the rate to 35%. affects -- those who benefit from that are the upper .25% of the families in this nation. i don't think in these tough economic times that's going to have much stimulative effect on

Benjamin L. Cardin

4:59:35 to 4:59:56( Edit History Discussion )

Benjamin L. Cardin: job growth in america and the revenues we lose could have been used in a better way, i believe, for deficit reduction, which would have been i think a stronger effect -- positive effect on our economy. i thought we had a reasonable compromise on this issue. i thought we had a reasonable compromise to go back to the 2009 rates.

Benjamin L. Cardin

4:59:57 to 5:00:17( Edit History Discussion )

Benjamin L. Cardin: in 2009, as you remember, we had gotten up to $3.5 million per person, with $7 million per family and a 45% tax raivment i thought that was a good compromise and i'm disappointed we didn't come back to that compromise. i think we did that, there would have been a much stronger consensus. not only in this body but in the

Benjamin L. Cardin

5:00:18 to 5:00:38( Edit History Discussion )

Benjamin L. Cardin: house for this package. so, there's a good part of this package which i sport. there's one other good provision i want to point owvment in regards to the two last provisions and others that i spelt out, it provides relief for the next three years. it will expire tend of 2012. i think that's a good provision because that means that we're

Benjamin L. Cardin

5:00:39 to 5:01:00( Edit History Discussion )

Benjamin L. Cardin: going to need to deal with the budget deficit. as i said earlier, once our economy starts gitting back on track, once we get these unemployment rates down to a reasonable level, then we have a much better chance of dealing with the budget deficit. we've got to start dealing with the budget deficit this yeemplet i acknowledge that. but our real effort is going to be when we have a growing

Benjamin L. Cardin

5:01:01 to 5:01:22( Edit History Discussion )

Benjamin L. Cardin: economy it will really help us get our budget back into balance. and just 11 years ago -- let me remind my colleagues -- just 11 years ago the congressional budget office projected surpluses that could have retired our nation's marketable debt between 2007 and 2009. in other words, if we would have

Benjamin L. Cardin

5:01:23 to 5:01:43( Edit History Discussion )

Benjamin L. Cardin: used that surplus wisely, we wouldn't be looking at a $14 trillion national debt. but instead, the congress passed the so-called bush tax cuts of 2001 and 2003. i voted against those tax cussments i didn't believe we could -- tax cuts. i didn't believe we could afford the type of revenue loss, and, in fact, that's been the largest contributing factor to the deficit we have today, the tax

Benjamin L. Cardin

5:01:44 to 5:02:04( Edit History Discussion )

Benjamin L. Cardin: cuts of 2001 and 2003. now, remember, in those days, we had a growing economy so it was no -- there was no need to stimulate the economy. today we're in a different position, allowing increased rates for middle-income families in these economic times would be the wrong thing to do. but i do think we have to get back to dealing with the deficit.

Benjamin L. Cardin

5:02:05 to 5:02:26( Edit History Discussion )

Benjamin L. Cardin: we need to have a credible plan, a credible strategy. and that strategy should include shared sacrifices. we need to deal with spending. we've got to get not only domestic but military spending under control. and, yes, we need revenues. and i would hope we would start with allowing the termination of the extension of the high-income

Benjamin L. Cardin

5:02:27 to 5:02:48( Edit History Discussion )

Benjamin L. Cardin: tax brackets for the millionaires as we start to take a look at ways that we can balance the budget as we move towards the next three or four or five years when we get our five-year budgets. first thing we should do is make it clear that we're not going to extend the higher-income tax rates.

Benjamin L. Cardin

5:02:49 to 5:03:09( Edit History Discussion )

Benjamin L. Cardin: one very positive aspect to this package that i want to bring up. this is one of the first -- this is the major bill dealing with a serious problem in our nation and we've got democrats and republicans working together. i can tell you that when i talk to my constituents in maryland, they tell me that this institution is too partisan. they like a lot of the things that we've done but they don't

Benjamin L. Cardin

5:03:10 to 5:03:30( Edit History Discussion )

Benjamin L. Cardin: like the fact that we can't get democrats and republicans allowing the system to work, with the give and take that should take place in this most deliberative body. well, we've done it on this issue. we may not like everything that's in it because when you do compromise, there are going to be things in it that you don't always agree with.

Benjamin L. Cardin

5:03:31 to 5:03:53( Edit History Discussion )

Benjamin L. Cardin: but the system has worked. it includes a lot of what i like, a lot of what my republican colleagues like. and together we've produced a bill that's going to help our economy. and i would hope that this would be a model of things to come. i hope it is an indication that we will be able to work together across party line to deal with the major challenges of our nation. we need to put our national

Benjamin L. Cardin

5:03:54 to 5:04:14( Edit History Discussion )

Benjamin L. Cardin: business first over partisan agendas. so on balance, mr. president, i'm going to support this package. i'm going to support this package because i think it's critically necessary for our economy. i think it provides the type of help for middle-income families that they need today. and i think it represents the way that our political system should operate with the type of

Benjamin L. Cardin

5:04:15 to 5:04:25( Edit History Discussion )

Benjamin L. Cardin: compromises that allow us to get to a conclusion dealing with major issues in our country. and with

Personal tools

MetaVid is a non-profit project of UC Santa Cruz and the Sunlight Foundation. Learn more About MetaVid

The C-SPAN logo and other servicemarks that may be found in video content are the property of their respective trademark holders. None of these trademark holders are affiliated with Metavid