| 00:00:00 | DRUGSTORE, THE TECH TROUBLESHOOTING START-UP. |
| 00:00:05 | MY DAUGHTER'S MARTIAL ARTS INSTRUCTOR. |
| 00:00:08 | HOW ABOUT DONALD TRUMP? |
| 00:00:13 | TRUMP SALES AND LEASING. |
| 00:00:14 | OR PARIS HILTON ENTERTAINMENT? |
| 00:00:18 | WHAT ABOUT LARRY FLYNT PUBLICATIONS? |
| 00:00:21 | NOT THAT ANY OF THESE RATHER COMPANIES HAVE VOLUNTEERED TO SHOW ME THEIR TAX RETURNS, BUT BY ALL ACCOUNTS THESE ARE THE BUSINESS THAT IS WILL DEVOUR THE LION'S SHARE OF THE TAX BREAK IN THIS LEGISLATION. |
| 00:00:37 | MR. SPEAKER, 3% OF THE BUSINESSES IN AMERICA WILL GET 56% OF THE TAX BREAKS PROVIDED. |
| 00:00:48 | THE RICH AND FAMOUS WILL GET MOST OF THE MONEY. |
| 00:00:52 | 125,000 MILLIONAIRES IN AMERICA WILL GET $58,000 IN TAX BREAKS THIS YEAR ALONE. |
| 00:01:01 | IN THEIR FIRST YEAR OF THIS TAX BREAK. |
| 00:01:03 | THAT'S HOW TARGETED THIS PARTICULAR BILL IS. |
| 00:01:07 | MORE THAN THAT, WHAT WE FIND IS THAT MOST AMERICANS DON'T BELIEVE THAT OUR TAX SYSTEM IS FAIR. |
| 00:01:15 | THEY BELIEVE THAT IT IS SCREWED TORTS THE VERY WEALTHY. |
| 00:01:19 | -- TOWARDS THE VERY WEALTHY. |
| 00:01:21 | H. |
| 00:01:22 | R. 9 PROVES THAT THEY ARE RIGHT. |
| 00:01:24 | 70% OF AMERICANS BELIEVE THAT THE TAX SYSTEM IS SKEWED AGAINST THEM AND FAVORS THE VERY WEALTHY. |
| 00:01:33 | PARIS HILTON WE UNDERSTAND HAS FIVE EMPLOYEES BASED IN BEVERLY HILLS CAN TAKE ADVANTAGE OF THIS TAX CUT. |
| 00:01:39 | OR DONALD TRUMP OR LARRY FLYNT OR KIM KARDASHIAN OR OPRAH WINFREY. |
| 00:01:45 | ALL SMALL BUSINESS PEOPLE EP CAN TAKE ADVANTAGE AND GET $58,000 IN TAX BREAK WHILE MOST SMALL BUSINESSES WILL GET BARELY ANYTHING. |
| 00:01:56 | I THINK THE AMERICAN PUBLIC IS CORRECT. |
| 00:01:58 | REMEMBER, MOST BUSINESSES IN AMERICA ARE SOLE PROPRIETORSHIPS. |
| 00:02:03 | MOST OF THOSE HAVE NO EMPLOYEES. |
| 00:02:05 | UNDER THIS BILL IF YOU'RE A SOLE PROPRIETOR AND HAVE NO EMPLOYEES, YOU GET ZERO OF THE TAX BREAK BENEFIT. |
| 00:02:13 | NOW, ANOTHER EXAMPLE, TWO COMPANIES, BOTH HAVE 500 EMPLOYEES, ONE COMPANY DECIDES TO HIRE MORE AMERICANS, 10 MORE AMERICANS TO PUT ON THE PAYROLL. |
| 00:02:22 | THE OTHER COMPANY, 500 EMPLOYEES, DECIDE I THINK IT'S EASIER FOR ME TO MAKE MORE MONEY IF I TAKE SOME OF THOSE JOBS AN PUT THEM OVERSEAS, SO I'M GOING TO FIRE 10 AMERICANS HERE IN AMERICA AND START THOSE JOBS OVERSEAS, OUTSOURCE THOSE JOBS. |
| 00:02:36 | GUESS WHO GETS THE TAX BREAK? |
| 00:02:38 | THE COMPANY THAT HIRES 10 NEW AMERICAN EMPLOYEES? |
| 00:02:42 | NO. THEY GET NOTHING. |
| 00:02:44 | THE FIRM THAT FIRES 10 AMERICAN EMPLOYEES HERE AND OUTSOURCES THOSE JOBS TO ANOTHER COUNTRY? |
| 00:02:50 | THAT COMPANY WILL GET THE BENEFIT OF THIS TAX BREAK. |
| 00:02:56 | . THE AMERICAN PUBLIC IS CORRECT. |
| 00:02:58 | TODAY'S TAX SYSTEM IS SKEWED TOWARD THE WEALTHY AND THAT'S WHY WE HAVE TO VOTE AGAINST THIS LEGISLATION. |
| 00:03:04 | LET US HAVE JOB CREATION LEGISLATION, LET US FOCUS ON SMALL BUSINESSES. |
| 00:03:08 | THIS DOES NEITHER. I URGE MY COLLEAGUES TO VOTE AGAINST H. |
| 00:03:11 | R. 9. THE SPEAKER PRO TEMPORE: THE GENTLEMAN'S TIME HAS EXPIRED. |
| 00:03:13 | THE GENTLEMAN FROM VIRGINIA. |
| 00:03:14 | MR. CANTOR: I THANK THE SPEAKER AND I YIELD MYSELF 30 SECONDS |
Mr. BECERRA. I thank the gentleman for yielding.
When you hear of small business, what comes up in your mind first? The corner drug store? The tech troubleshooting startup? My daughter's martial arts instructor? How about Donald Trump? How about Trump Sales and Leasing, or Paris Hilton Entertainment? What about Larry Flynt Publications? Not that any of these latter companies have volunteered to show me their tax returns, but by all accounts, these are the businesses that will devour the lion's share of the tax breaks in this legislation.
Mr. Speaker, 3 percent of the businesses in America will get 56 percent of the tax breaks provided. The rich and famous will get most of the money. 125,000 millionaires in America will get $58,000 in tax breaks this year alone, which is the first year of this tax break. That's how targeted this particular bill is.
More than that, what we find is that most Americans don't believe that our tax system is fair. They believe that it is skewed towards the very wealthy. H.R. 9 proves that they are right. Seventy percent of Americans believe that the tax system is skewed against them and favors the very wealthy. If Paris Hilton, who has what we understand are about five employees based in Beverly Hills, can take advantage of this tax cut, or if Donald Trump or Larry Flynt or Kim Kardashian or Oprah Winfrey--all small business people--can take advantage and get, maybe, $58,000 in tax breaks while most small businesses will get barely anything, then I think the American public is correct.
[Time: 11:30] Remember, most businesses in America are sole proprietorships. Most of those sole proprietorships have no employees. Under this bill, if you're a sole proprietor and have no employees, you get zero of the tax break benefits.
I have another example. Two companies, both have 500 employees. One company decides to hire more Americans; 10 more Americans are put on the payroll. The other company of 500 employees decides, I think it's easier for me to make more money if I take some of those jobs and put them overseas, so I'm going to fire 10 Americans here in America, and I'm going to start those jobs overseas, outsource those jobs.
Guess who gets the tax break--the company that hires 10 new American employees? No. They get nothing. The firm that fires 10 American employees here and outsources those jobs to another country, that company will get the benefits of this tax break.
The American public is correct. Today's tax system is skewed towards the wealthy, and that's why we have to vote against this legislation. Let us have job creation legislation. Let us focus on small businesses. This does neither.
I urge my colleagues to vote against H.R. 9.