American Recovery and Reinvestment Act of 2009
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Mr. PASCRELL. Mr. Chairman, in Italian we say ``tutti possible,'' anything is possible on this floor.
We passed in 2008, eliminated the AMT tax, but we paid for it. You missed something. You left out a paragraph: We paid for it. And we are going to handle it again.
For the last 8 years, we have passed a number of tax cuts for big business and the wealthiest 1 percent of the Americans. We were warned in the summer of 2001, not 2003, 2006; 2001, we were warned what was going to happen. We could not pay for those tax cuts in 2001, 2003, and 2005, and today we are being lectured about deficit. Not only look at the results of November; look at the American people, where they stand today on this tax cut, Democrats, Republicans, Independents across the board.
This substitute eliminates the Making Work Pay tax credit, it eliminates the child tax credit, it eliminates the American Opportunity tax credit for more than 4 million students. It eliminates approximately $40 billion in tax benefits to assist State and local governments in financing their infrastructure needs. They can't do it because they don't have the money to do it. This is not make work; this is important work for the American people.
This substitute continues the practice of providing tax cuts for the wealthiest Americans, and it ain't going to happen anymore. There is a new day and a new culture even on this floor. Even though everything and anything is possible here, that ain't possible.