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More than ever, we need a serious approach to taxes. We cannot afford any more of the budget tricks and rhetoric that have drained our Treasury and jeopardized important programs like Social Security, Medicare, and Medicaid.
The Ways and Means Committee has jurisdiction over the Internal Revenue Service (IRS) and taxes. As a senior member of this Committee and Chairman of its Subcommittee on Oversight, I have seen too many times over the years that those trying to grab on to the economic ladder have had their hands stepped on by people supporting radical policies that tip the scales in favor of the wealthiest of the investor class. Too many times the false promise of economic growth that is supposed to trickle-down to benefit everyone has not come to fruition.
In addition to working to improve the Earned Income Tax Credit (EITC) in 2007, my priorities have included other changes to the tax code that would benefit hundreds of thousands of Georgia families. This year, with the support of the Chairman of the Ways and Means Committee, the House passed legislation to prevent more than 45,000 people in the 5th District from paying higher taxes under the Alternative Minimum Tax penalty. We must give more tax relief under the refundable child tax credit, make it possible for tax-deductible food donations to reach the mouths of the hungry, and promote economic growth in our business community.
When Democrats spoke out in support of the Taxpayer Relief Act a decade ago, we were fighting for families earning between $20,000 and $30,000 a year to get a $500 per child tax cut. We were working for a HOPE scholarship to make college more affordable to our children. We were favoring tax cuts so it was easier for people to inherit farms and small businesses. We supported this and other meaningful tax cuts without borrowing money that future generations would have to pay back - your kids and mine. We have defended these tax principles, while at the same time fighting for taxpayer privacy and anti-abuse measures, in order to also put tax dollars to work for investments in research and redevelopment for the whole economy.
The vast majority of America is less financially secure today than at any time since the Great Depression. Our productivity and other economic measures are rising. Somehow, this growth is passing by too many working families. On one hand, corporations are earning record profits. On the other hand, middle-class wages are not enough to pay for housing, health care, child care, transportation, utilities, or prepare for an emergency.
Democrats are concerned that people are unable to save and plan for retirement. We are concerned about people who are falling into debt and relying on credit cards to get by. So when it comes to the reality of daily life in America, when parents are sacrificing time with their families, I look at the taxes people are paying and want better for Georgia and better for our country.
Using the Tax Code to Lift Working Americans Out of Poverty
I have always stood with-and worked for-people in our community who are in need and have used my Congressional leadership positions as a platform to be a voice for the voiceless and vulnerable. The government has all too often turned a blind eye and a deaf ear to poor families. That's why my first hearing as Chairman of the House Ways & Means Subcommittee on Oversight, in February 2007, investigated why billions of dollars available to the poor through the Earned Income Tax Credit go unclaimed.
In the 5th District alone, there are over 20,000 residents eligible for the credit who could gain the benefit of more than $43 million in unclaimed funds. These funds could mean more food on the table for hungry children, money to hold back evictions, life-saving medications for a senior citizen, or a winter coat for a child. Between 2000 and 2003, tens of thousands of low-income individuals in the 5th District benefited from more than $400 million in tax benefits that help people stay above the poverty level. More people should benefit from this vital program, therefore my priorities include fighting for an expanded Earned Income Tax Credit for childless workers under the Tax Relief for All Workers Act of 2007 and the Tax Reduction and Reform Act of 2007.
The New Markets Tax Credit program has delivered more than $160 million to Atlanta to encourage private capital investment in eligible low-income communities to transform struggling areas. Georgia and the 5th District have been served by millions in additional investment dollars awarded through this program. In 2007, Atlanta received an additional $160 million through this program that will lead to targeted investments and transform struggling areas.
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