The publication is reproduced in full below:
PROVIDING FOR CONSIDERATION OF H.R. 4, JOHN R. LEWIS VOTING RIGHTS
ADVANCEMENT ACT OF 2021; PROVIDING FOR CONSIDERATION OF SENATE
AMENDMENT TO H.R. 3684, INFRASTRUCTURE INVESTMENT AND JOBS ACT; AND PROVIDING FOR ADOPTION OF S. CON. RES. 14, CONCURRENT RESOLUTION ON THE
BUDGET FOR FISCAL YEAR 2022; AND FOR OTHER PURPOSES
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speech of
HON. CHRISTOPHER H. SMITH
of new jersey
in the house of representatives
Tuesday, August 24, 2021
Mr. SMITH of New Jersey. Madam Speaker, Americans simply cannot afford S. Con. Res. 14--the Biden-Sanders budget that will authorize trillions of dollars in new taxes and spending, and I join my Republican colleagues in strongly opposing this irresponsible proposal.
One of the many egregious provisions in the Biden/Sanders budget will make conveyance at death of a small business or family farm to family members or loved ones a catastrophic tax event--possibly triggering a 40 percent death tax that must be paid immediately on how much the asset has appreciated.
Shockingly, this Biden/Sanders new death tax would not be triggered by the sale of the business or family farm--instead merely taking ownership makes the inheritor liable for the new 40 percent confiscatory tax. Many of those who inherit would be forced to sell the hereditary asset just to pay the new tax.
The author of this massive new tax and spend proposal, Bernie Sanders--Chairman of the Senate Budget Committee--President Biden and the Democratic leadership are ramming this highly partisan bill through Congress without serious consideration of its disastrous impact on families and the economy.
My constituents deserve better than this.
When will we return to working across the aisle in a bipartisan way?
After all of the suffering and economic pain endured by the people of my district and throughout the country during the COVID-19 Pandemic, the Biden/Bernie Sanders budget: doubles the capital gains tax to 43.4 percent, raises the tax rate for many businesses--including at least 2 million small businesses--from 21 to 28 percent and as I mentioned a moment ago imposes a major expansion of the ``death tax'' by taxing unrealized capital gains at death.
Small businesses in particular should not face additional tax burdens as they struggle to recover from the COVID-19 pandemic. Organizations such as the New Jersey Business & Industry Association and the U.S. Chamber of Commerce expressed alarm at these proposals, and the National Federation of Independent Businesses stated, ``increased taxes on small businesses mean less investment in employees, less investment in small businesses, and less economic growth.''
According to the Senate Republican leadership on the Budget Committee, the reckless tax and spend plan includes: $4.2 trillion in new spending over 10 years; $3.5 trillion in new mandatory spending;
$263 billion in new discretionary spending, and $390 billion in increased interest on the debt.
National debt soars to $40 trillion (119 percent of GDP) by 2031.
Total debt (subject to limit) soars to $45 trillion (134 percent of GDP) by 2031.
Nearly $400 billion in defense cuts compared to current law projections.
Deficits that average $1.6 trillion annually under the plan, reaching
$2.2 trillion by 2031.
According to supporting documents provided by Chairman Sanders, the
$3.5 trillion reckless tax and spend spree will be ``fully offset.'' Because the Finance Committee was given a broad reconciliation instruction that did not require or disclose a specific level of revenue, this can be accomplished entirely by raising $3.5 trillion in new truces. There is no restriction on the amount of tax increases allowed under this budget resolution or through the fast-track reconciliation process.
Especially in New Jersey, one of the highest taxed states in the Nation, taxpayers need relief, not the massive taxes that will be levied to pay for this Biden/Sanders budget bill.
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