Congressman Bill Pascrell

Representing the 9th District of NEW JERSEY

Temporary Tax Relief Act of 2007

Nov 9, 2007
Floor Speech



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   Mr. PASCRELL. Mr. Speaker, I want to associate my words with the gentleman, my good friend from Wisconsin, also. You say ``tomato,'' he says ``tomato.'' You call it tax relief; you call it tax cut. You make the choice. You think that the Bush administration and their congressional allies would be in support of this measure. Instead, Republicans are hysterically crying because this bill asks private equity managers to pay the same rate in taxes as most folks in this room. Why should the richest of all Americans pay only 15 percent in taxes when a doctor or lawyer pays 35 percent? Why should the kings of Wall Street only pay 15 percent on their contingency fees when most teachers and police officers pay 25 and 30 percent?

   I have heard repeatedly in this debate that private equity managers are involved in a risky business so they should be rewarded with the lowest tax rates around. But the risk they carry is on other peoples' money, not their own. When you want to talk about risk, how about the firefighter that rushes into a burning building? Are Republican priorities so skewed that they will spend all their time and effort ensuring that financiers pay less in taxes than first responders? No way.