Markey: Gold Medals to Billionaires, Big Oil in GOP Tax Reform Olympics
Statement of Congressman Edward J. Markey (D-Mass.) in opposition to H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012
August 2, 2012
Watch the video HERE
“As Americans watch their Olympic favorites this week, House Republicans are handing out gold medals to their own favorites right here on the House floor.
“In London, speed, agility, and strength determine who gets the gold. But in the Republican-controlled House, it’s the wealthiest Americans and the most profitable corporations who will secure all of the gold medals.
“Two weeks ago, Republicans awarded the gold to America’s defense contractors – by actually increasing defense spending. Despite sequestration. Despite our ballooning deficit. Despite the looming fiscal cliff.
“Then last week, oil companies scored a gold medal by securing new drilling rights off America’s coastline. Big Oil’s margin of victory was enormous, as Republicans also refused – yet again - to end $4 billion in annual tax breaks to the oil companies that we cannot afford despite their $137 billion in profits last year. The most profitable industry in the history of planet!
“And today, it’s millionaires and billionaires who will cross the finish line and secure the biggest gold medal of all, as Republicans double-down on the Bush tax cuts by rewriting the tax code to include $331,000 in additional tax cuts for the average millionaire in this country. A tax break they do not need, and America cannot afford.
“House Republicans are setting a world record in rigging the tax system for the ultra-rich while cutting middle-class priorities like education and investing in good American jobs.
“The big losers in these Republican Olympics? The middle class - whose taxes will go up. The middle class - where the Medicare guarantee for millions of seniors will ultimately be destroyed. The big losers? Efforts to find the cures for Alzheimer’s, cancer, and Parkinson’s. All so that Republicans can crown billionaires, big oil, and nuclear bomb builders the big gold medal winners.
“The losers? The American people and their families’ health and well being.
“I strongly urge my colleagues to vote no on this fixed Republican Olympics.”