Small Business Paperwork Mandate Elimination Act Of 2011
Mar 3, 2011
Mr. PASCRELL. Madam Speaker, you know, there is an old western song: "I'm looking for love in all the wrong places.'' Remember that song? It's not too old. Not too old.
We're looking for revenue in all the wrong places; not only in reference to what we did in cutting indiscriminately $60 billion which mostly affects the middle class, and I think very dangerously. So this provision was in the health care bill which deals with bureaucracy at its worst, I would agree. But in July of 2010, we voted with I think only, correct me if I'm wrong, two Republicans. We had a shot at this in the very beginning of mankind, right, last summer, to vote against it. I believe every Democrat voted against this provision, and two Republicans joined us, the gentleman from Louisiana on the opposition side--the honorable opposition side--who is no longer with us, and I don't know if he lost because he voted with us, and another gentleman from North Carolina who voted with us. We had a shot at this. We could have taken care of this last year, and you chose not to. So let's set the record straight.
So here we are with this 1099 form. It's going to take some time to fill it out. We don't like that bureaucracy. The thing comes down to, as Mr. Waxman said, as Mr. Neal said, how do you pay for it?
Now beware, the distinguished chairman for the Ways and Means Committee, a Wall Street poll today, not the New York Times, not the Village Voice, not fill in the blanks, that poll shows that over 74 percent, I think, of the American people, that's us, believe that we should eliminate tax credits for big oil and gas companies.
So I'm sure now that the loyal opposition sees that poll in that newspaper, that you will join us in putting to rest forever those folks who least need any help from the government getting help from the government.
This is going to cost us $22 billion. Both sides agree that one of the great benefits of this country is economic mobility.
This bill punishes those who get ahead by raising the tax liabilities on families who have worked hard and who may have gotten raises or promotions.
For a family of four in my district, the Eighth District of New Jersey--please visit us. We would love to have you, Mr. Chairman--who makes $80,000 a year, it will mean the family will get a 50 percent reduction on their premiums if they purchase health insurance in the marketplace--from the private sector, I might add. There is no government operation here. If they get a raise, however, and move above the threshold, they pay back a reasonable amount now; but in this legislation, under this bill, if they work a little harder and receive a financial benefit, the family will be punished. They'll be forced to repay the tax credit.
There is no answer to that question. It's a fact of life.
This means that the family which I'm talking about now will be hit with a surprise--get this, Madam Speaker--of an $11,200 tax bill. It's a $20,000 premium. They make $80,000. It's quite a hefty fee, I might add. Everything is wonderful with health care in the United States right now, but you're going to have added on--because you made a few bucks more--$11,200. Unintended consequences. Looking for love in all the wrong places. So let us be perfectly clear to the Members voting on this legislation:
It's not a subsidy. There is not only a definitional difference but a substantial difference between a subsidy and a tax credit. When you take away that tax credit from a middle class American who uses it when purchasing insurance, plain and simple, his taxes go up.