Congressional Record, Senate, August 6, 2022: Page S4062
Summary
Page S4062 of the Senate section of the Congressional Record for August 6, 2022, in interleaved columns. A speaker criticizing the Democrats' bill says it replaces a $14 billion tax hike on investment with a new $74 billion stock buyback tax, cites the Congressional Budget Office for the view that it would do nothing to address the current inflation crisis, and questions the claimed deficit reduction. Another passage, about childcare facilities in Connecticut, says a measure is essential to the workers who care for children and calls for affordable and accessible childcare, and a further passage mentions deadly extreme weather events that have claimed some 37 lives.
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“Congressional Record, Senate, August 6, 2022: Page S4062.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2022-08-06-crec-2022-08-06-pt1-pgs4062-e396b54191/
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S4062 CONGRESSIONAL RECORD — SENATE August 6, 2022
of Connecticut—to Torrington, Hart- ‘‘statistically indistinguishable from They just purportedly replaced a $14
ford, Bristol. In fact, I accompanied the zero.’’ billion tax hike on investment with a
President of the United States to visit The nonpartisan Congressional Budg- new $74 billion stock buyback tax de-
one of Connecticut’s childcare facili- et Office also found that the bill would signed to punish investors who choose
ties. They do great work. They have do nothing to address our current infla- to keep their own money invested in a
been doing great work during the pan- tion crisis. So did the Tax Foundation. business—a tax hike that will likely
demic, reporting for duty, taking care So much for inflation reduction. discourage new investment and have a
of children, even as their industry was So what about the deficit reduction negative impact on Americans’ retire-
impacted by smaller amounts of chil- the Democrats are touting? Well, un- ment savings.
dren being able to go there because fortunately, there is a good chance And, of course, they have included a
parents had smaller amounts of income there won’t be much of that either. number of taxes and fees on oil and gas
to afford it. And the fact of the matter Democrats rely on some very shady ac- production. I guess Democrats would
is, in Connecticut, the yearly cost of counting to reach their supposed def- like our current sky-high energy prices
childcare is about $20,000. We have lost icit reduction number—most notably to continue long-term, because I am at
a major part of our childcare work- from the repeal of a rule that has never a loss for any other reason why Demo-
force, and this measure is essential to been implemented and, at this point, crats would choose to hike taxes on oil
those men and women who take care of was never expected to be. and gas production at a time when
kids in those childcare facilities with No matter what this rule was pre- Americans are already struggling with
their courage and diligence and dicted to cost, if it was never going to high gas prices and high utility bills.
strength that befits the enormous re- be implemented, its cost was effec- The Democrats didn’t always think
sponsibility that they have. tively zero. So repealing this rule raising taxes during a recession was a
We are determined to make childcare leaves you with exactly zero—zero dol- good idea. In fact, President Obama
affordable and accessible for every lars to spend, not $120 billion. once said:
American family. The proposal that no Then there is the question of the [T]he last thing you want to do is to raise
more than 7 percent of any family’s in- bill’s expanded ObamaCare subsidies. taxes in the middle of a recession.
come be required for childcare is one The Democrats’ bill extends the ex- That was from President Obama.
that I still think makes eminent good panded ObamaCare subsidies by 3 As the current Democratic leader
sense. years. But it is common knowledge once said:
We need to recognize that childcare that the Democrats want to extend You don’t want to take money out of the
facilities need to be sustained and sup- them permanently, as the President ex- economy when the economy is shrinking.
ported, and those families need that plicitly said in his State of the Union Well, unfortunately, now that their
same support and resource. Address. And when you figure in the Green New Deal fantasies are on the
So I am absolutely determined that cost of extending them permanently, line, the Democrats have changed their
we will move forward on childcare. As most of the purported cost savings in tune. That is right. Democrats are hik-
frustrated as I may be that this great the bill, which the Democrats claim ing taxes during a recession not to ad-
compromise we see in the Inflation Re- will go toward deficit reduction, dwin- dress our border crisis or inflation or
duction Act fails to include it, I am dle away. rising crime but so that they can im-
proud to support it and vote for it, and So no deficit reduction, an extremely plement their Green New Deal agenda.
to continue this fight which we can and doubtful amount of deficit reduction— Their so-called Inflation Reduction
will win. And I thank my colleagues what else? Well, there are the hundreds Act is chock-full of Green New Deal
who will be joining us for their support of billions of dollars in tax hikes. Yes, spending, things like $1.5 billion—bil-
as well. hundreds of billions of dollars in tax lion dollars—for a grant program to
I yield the floor. hikes. Our economy has posted two plant trees; $1 billion for electric,
I suggest the absence of a quorum. consecutive quarters of negative heavy-duty vehicles like garbage
The PRESIDING OFFICER. The growth. In fact, by any common defini- trucks, which is something that com-
clerk will call the roll. tion, we are now in a recession. And munities used to normally provide for;
The legislative clerk proceeded to Democrats think now is a good time to $3 billion for the U.S. Postal Service to
call the roll. hike taxes on businesses—businesses purchase zero-emissions delivery vehi-
Mr. THUNE. Madam President, I ask that are already struggling with 40- cles; and $1.9 billion for things like
unanimous consent that the order for year high inflation? road equity and identifying gaps in
the quorum call be rescinded. The Democrats’ book minimum tax, tree canopy coverage.
The PRESIDING OFFICER. Without as proposed last week, would be a $313 Yes, the Democrats are apparently
objection, it is so ordered. billion tax hike, with roughly half of willing to send us into a longer term
f the increase falling on American man- recession—or stagflation—in order to
ufacturers. provide billions of dollars for things
INFLATION REDUCTION ACT OF I don’t think I need to tell anyone like road equity and identifying gaps in
2022 what happens when you raise taxes on tree canopy coverage.
Mr. THUNE. Madam President, we businesses, particularly when the econ- All told, the Democrats provide more
are somehow continuing to consider omy is shrinking. You get less growth, than $60 billion in this bill for ‘‘envi-
the Democrats’ grab bag of bad ideas, lower wages, and fewer jobs. ronmental justice’’—$60 billion. Now,
otherwise known—I would say, According to an analysis from the to put that number in perspective, that
misleadingly—as the Inflation Reduc- National Association of Manufacturers, is more than the Federal Government
tion Act. in 2023 alone, the version of the bill spent on highways in 2019.
Let’s start with the bill’s title. It Democrats introduced last week would The bill also contains at least $30 bil-
gets you feeling somewhat hopeful, reduce real gross domestic product by lion in climate slush funds, part of
doesn’t it? The Inflation Reduction Act more than $68 billion and result in which is allocated for, among other
sounds like a bill that is going to ad- more than 218,000 fewer workers in the things, climate-related political activ-
dress perhaps the No. 1 problem facing overall economy. ity—yes, climate-related political ac-
our Nation—inflation. Then you actu- The Tax Foundation also found that tivity—because, for sure, there is noth-
ally look at the bill’s contents and dis- the bill would, unsurprisingly, reduce ing more that families who are strug-
cover that the bill will do nothing to economic growth, reduce wages, and re- gling with ballooning grocery bills and
reduce inflation—nothing. duce jobs. In short, a big part of the the high price of gas are eager to see
dlhill on DSK120RN23PROD with SENATE
And you don’t have to take my word burden of the Democrats’ tax hike on their tax dollars going toward than
for it. Here is what the nonpartisan businesses would fall on American fam- Green New Deal activism. Apparently,
Penn Wharton Budget Model had to say ilies and American workers. it is a very high priority for Demo-
about the bill’s impact on inflation: And the book minimum tax on Amer- crats, but I would say, in all likelihood,
‘‘The impact on inflation is statis- ican businesses is not the only tax hike not for the American people and Amer-
tically indistinguishable from zero’’— Democrats are proposing on this bill. ican families.
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August 6, 2022 CONGRESSIONAL RECORD — SENATE S4063
I haven’t even talked about the tax So now, to talk about possibly reduc- jam on major climate and clean energy
credits and rebates the Democrats’ bill ing the deficit by what I think, when it legislation. I felt joy in knowing that
will provide for wealthy Americans is all said and done, in this bill will be we were one step closer to delivering a
who purchase new electric vehicles or under $100 billion, that will assume all major victory for the American people,
who remodel their kitchens with Dem- kinds of things like actually they are one that will help reduce inflation and
ocrat-approved green appliances. going to raise revenue from these 87,000 create good-paying jobs at the same
Well, I could go on for a while here. new agents whom they are going to time. My belief is that this legislation
It is difficult, really, honestly, to hire at the IRS to audit American tax- is an answer to our prayers for a
squeeze all of the bad ideas in the payers. It also assumes things like the brighter future for our Nation and for
Democrats’ bill into just one floor ObamaCare premium subsidies are only our planet.
speech, and I haven’t mentioned the so- going to be limited to a 3-year exten- I might say to all of these young peo-
cialist-style price controls that the sion rather than a full 10 years, which ple who are sitting up here—we have a
Democrats’ bill would pose on prescrip- we all know is ultimately going to hap- bunch of our pages who are here from
tion drugs—price controls that would pen. all over the country; they are, for the
result in fewer new drugs and treat- In the end, I believe there will be zero most part, rising juniors and seniors—
ments—or the additional $80 billion— deficit reduction, but the fact of the that they remind me a lot of our grand-
yes, $80 billion—that the Democrats’ matter is that that piece of legislation, children, frankly, in my family and, for
bill would give to the IRS, with the in addition to fueling inflation and folks, of a lot of their children.
majority of it being used to boost IRS adding to the debt—and having learned This is for you. This is for your gen-
audits. from that experience, I would hope you eration.
Now, of that $80 billion, $45 billion of would think that the Democrats here This is for our kids, our grand-
it would go to IRS enforcement—$45 would not double down with yet an- children, our nieces, our nephews.
billion, or 57 percent. Do you want to other terrible economic idea, which is This is for you.
know how much of that $80 billion another tax-and-spending spree. Like After enduring a deadly global pan-
would go to taxpayer services? Four the so-called American Rescue Plan be- demic for the last 2 years and the re-
percent. Four percent—that for an fore it, it will leave our economy and sulting political and economic turbu-
Agency that only succeeded in answer- the American people worse off. lence flowing from it, the truth is that
ing about 1 out of every 50 taxpayers’ For their sake, I hope the Democrats far too many Americans are struggling.
phone calls during the 2021 tax season. will think better of this bill before it is They are hurting from the high cost of
There is $80 billion to the IRS for an too late. We are going to have an op- healthcare; they are hurting from ris-
additional 87,000 employees—87,000 new portunity to debate it here, probably in ing living expenses and energy bills;
employees at an Agency that, I am a few hours, and will have an oppor- and they are hurting from extreme
told, only has about 53 percent of its tunity to vote on lots of amendments, weather that is costing us in terms of
workforce actually going back to the and we will see what that process dollars and of lives.
office—87,000 employees. You are going yields. I know this because that is what I
to have tax agents moving in with fam- I can tell you one thing: The Amer- hear when I travel home to Delaware
ilies around this country. ican people are tired of 40-year high in- almost every night. I don’t live here; I
The Democrats aren’t focused on im- flation; they are tired of higher energy live in Delaware. I go back and forth on
proving taxpayer services but on boost- prices; they are tired of higher food a train—a lot like a guy named Biden
ing the number of IRS audits. No one prices; and they are concerned about used to do when he was a mere Sen-
should be deceived into thinking these an economy that is in recession. They ator, along with Senator CHRIS COONS
increased audits will fall solely on mil- are looking at a Democrat leadership and LISA BLUNT ROCHESTER, a Con-
lionaires and billionaires. No matter in Washington, DC, that has as its No. gresswoman. Whether it is a senior on
what the Democrats and some officials 1 goal—out of all of the things you a fixed income who is struggling with
at the IRS conveniently claim, the fact could do to attack inflation, attack the cost of lifesaving prescription
of the matter is that it is exceedingly high energy costs, to deal with a bro- drugs or a young person who is living
unlikely the Democrats will be able to ken border, crime in our cities, and to in a community that is prone to flood-
collect the revenue they want to col- deal with a wobbly economy, their pre- ing from rising sea levels, many Dela-
lect from increased IRS enforcement scription, as always, is the same thing wareans of all ages are anxious about
without auditing small businesses and no matter what the problem is; that is, their futures, and they are pleading
ordinary taxpayers. In fact, based on to raise taxes, increase spending, and with us to do something about it.
data from the Joint Committee on Tax- grow government—all at the expense of Scientists are also pleading with us
ation, somewhere between 78 to 90 per- the American people. for action, too, before it is too late. For
cent of the revenue that is projected to I yield the floor. years, they have warned us that time is
be raised from underreported income The PRESIDING OFFICER. The Sen- running out, that we must shift away
would likely come from those making ator from Delaware. from fossil fuels to avoid a future of
under $200,000 a year. f unrelenting extreme weather. Now sci-
So 87,000 new IRS agents are sent out entists are telling us it is code red for
with the purpose of collecting more INFLATION REDUCTION ACT OF humanity and for our planet.
revenue, allegedly, according to the 2022 We are already experiencing a cli-
Democrats, from high-income tax- Mr. CARPER. Madam President, I mate crisis, and Americans from com-
payers and businesses that are escaping rise this afternoon to speak in support munities large and small are feeling its
taxation; yet the Joint Committee on of the historic legislation we are con- impact, most notably in the form of ex-
Taxation finds that 78 to 90 percent of sidering today, the Inflation Reduction treme heat, wildfires, and floods.
the revenue projected to be raised from Act of 2022. As I speak here today, nearly 100 mil-
underreported income would likely A little over a week ago, when I lion Americans from Texas to Maine
come from those making under $200,000 heard the news that there was an are under heat advisories—100 million.
a year. agreement reached to move forward on There are also more than 50 wildfires
Almost 18 months ago now, the this legislation, I could not help but raging across the West, burning tens of
Democrats passed a massive, partisan feel an overwhelming sense of relief thousands of acres in States like Cali-
$1.9 trillion spending spree, which and of joy, and I am not alone in feel- fornia and Montana and Idaho and
fueled inflation—record inflation—that ing that way. I felt relief in knowing Alaska. Just last week, catastrophic
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Americans are still struggling with in that, after months of negotiations and flash floods in Eastern Kentucky, not
this country. By the way, that $1.9 tril- years of hard work from volunteers, far from where my mom spent the last
lion spending spree was all on the from activists, from policy experts, years of her life, have tragically
debt—all on the debt. They didn’t at- from leaders at all levels of govern- claimed some 37 lives.
tempt to pay for it; they just put it on ment and industry, and from so many We know that these deadly, extreme
the debt. others, we had finally broken the log- weather events will only get worse in
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