House Proceeding 03-16-09 on Mar 16th, 2009 :: 2:14:10 to 2:18:45
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2:14:06 to 2:14:29( Edit History Discussion )

Yvette Clarke: everyone making $75,000 or more, it still wouldn't be enough to pay for all the spending that president barack obama wants to spend. i yield to the gentleman from new jersey. mr. garrett: there's a bunch of points i wanted to raise on the things you just said right the i'll go with a whole bunchf them. on the middle point, with regard to taxation of capital gains and

2:14:10 to 2:18:45( Edit History Discussion )
Speech By: Yvette Clarke

2:14:30 to 2:14:51( Edit History Discussion )

Yvette Clarke: what have you, it may sound to, at first blush, when you say, we have to address the capital gains situation, we're talking about the rich out there but when you realize that across the board, americans are hurting of people hurting are senior citizen, retieres, people who rely on their pensions whether

2:14:52 to 2:15:12( Edit History Discussion )

Yvette Clarke: it's union pension or private pension or otherwise, they're seeing -- and to pay for college, what have you, you're seeing those funds go down, what can we do to try to turn that snarned can't guarantee you it would turn around by tomorrow but as you said, pretty darn soon if you can get the trillions of dollars that as people say is sitting on the

2:15:13 to 2:15:33( Edit History Discussion )

Yvette Clarke: sidelines and start investing that, how can you do that? you can to it in a couple of ways, lowering the capital gains tax, right now, most people aren't saying, i don't have any capital gains with this marketplace but if you gave that incentive to say, get into the market today and you'll be tax free or have a very lower rate, people would get off the

2:15:34 to 2:15:54( Edit History Discussion )

Yvette Clarke: sideline and get into the market immediately. the other point i want to touch on, we haven't talked about it here, in the spending plans we've had in the last several weeks, actually, months, now, literally hundreds of billions of dollars a lot of people criticize on the other side of the aisle how much the deficit, the debt, i should say, that the

2:15:55 to 2:16:15( Edit History Discussion )

Yvette Clarke: bush administration added in their eight years in office, it was something like $4.6 trillion in his eight years in office, just in three years, do you have that chart? it's doubling but what basically, remember these numbers, president bush in office eight year he saw it go

2:16:16 to 2:16:37( Edit History Discussion )

Yvette Clarke: up by 4.6, president obama is in office less than two months, something like that you'll see the debt go up by $5.6 trillion in a three-year period of part-time. part of that money, where is that money going to? that deals with what the gentlelady from north carolina was talking about before, th is to the whole foreclosure situation, home price what have you.

2:16:38 to 2:17:00( Edit History Discussion )

Yvette Clarke: llow with me on this. their argument is this foreclosures are happening out there right now. we agree. that is causing problems across the board and causing a devaluation of people's homes across the board and therefore everyone must pay higher taxes, increase spending to try to prevent the foreclosure problem. you raised some avenues of what

2:17:01 to 2:17:22( Edit History Discussion )

Yvette Clarke: we can do to address foreclosure, but i want to give some facts. i can do it with a picture, it's not a cartoon, i think this was in "s.a. today," i think if i'm not mistaken, yes, it was. what does this chart show? it says county by county the number of foreclosure actions, defaults, notices, and auctis

2:17:23 to 2:17:45( Edit History Discussion )

Yvette Clarke: and repossessions this is a chart to show you where the problems are in this country system of as people look at this, they think of the rhetoric we hear on the her side, there are a lot of foreclosures, the rate has gone up in specific areas, california, arizona, certainly down here in florida and up in your neck of the woods as well,

2:17:46 to 2:18:07( Edit History Discussion )

Yvette Clarke: but the vast majority of the country, fortunately, is not more than 60 or more than 60 -- more than 40 or even more 20? what does that mean? it changes the nature of the discussion as to how to fix the problem. if the problem is in certain areas, you don't need a specific blanket approach across the board to do it.

2:18:08 to 2:18:28( Edit History Discussion )

Yvette Clarke: you don't need to raise taxes on small businesses or families in my neck of the woods or your neck of the woods to solve the problem. you need to target some relief but more importantly you need some republican shutions will, i'll yield back to you on this, the r.n.c. has come out with this, corporate taxes, as far as

2:18:29 to 2:18:45( Edit History Discussion )

Yvette Clarke: encouraging businesses and individuals to get their entrepreneurial spirit going again, tse will address the problem in a way that will affect everyone and lift the prices and getting the marketplace where we wanted to be. i wanted to bring that one chart to set the record straight oas