House Proceeding 03-19-09 on Mar 19th, 2009 :: 1:06:00 to 1:11:45
Total video length: 2 hours 53 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:213 Duration: 0:05:45 Discussion

Previous speech:

Next speech:

1:05:57 to 1:06:18( Edit History Discussion )

Michelle Marie Bachmann: choice is between regulation and chaos. i yield the rest of my time. the speaker pro tempore: the gentleman yields back his time. mr. mchenry of north carolina. for what purpose does the el gentlewoman from minnesota rise?

1:06:00 to 1:11:45( Edit History Discussion )
Speech By: Michelle Marie Bachmann

1:06:19 to 1:06:40( Edit History Discussion )

Michelle Marie Bachmann: >> to address the house for five minutes. the speaker pro tempore: wi objection, so ordered. . mrs. bachmann: we have seen a lot of trouble over the last two years and it needn't be that way. we could turn this american

1:06:41 to 1:07:03( Edit History Discussion )

Michelle Marie Bachmann: economy around next quarter and truly bring hope and change to the american people if we would put into place a positive solution that would give people certainty about where they're going to go in this economy, and we can. we know it's possible. it's really fairly simple. all we need to do is this, we need to get people investing in

1:07:04 to 1:07:24( Edit History Discussion )

Michelle Marie Bachmann: the economy, and you do that by making incentives for that. i'm a former federal tax lawyer. i've lived this life and i know how it works. right now, we have a high rate on our capital gains tax. unfortunately, the obama administration is looking at increasing that tax. we need to go in the opposite direction.

1:07:25 to 1:07:45( Edit History Discussion )

Michelle Marie Bachmann: we need to cut the investment tax, called capital gains, down to zero. the best thing we could do is make that tax permanent to the investor community. let americans know that if you take your money and if y put it at risk opening a business, hiring people for jobs, in the next four years, your risk will

1:07:46 to 1:08:08( Edit History Discussion )

Michelle Marie Bachmann: be paid off, because you'll have a zero percent interest rate. that's capital gains. if we would lower permanently to zero for four years, we would have incredible domestic investment as well as foreign investment. even better, we could take the business tax rate, which united states today has the second

1:08:09 to 1:08:29( Edit History Discussion )

Michelle Marie Bachmann: highest business tax rate in the world, 34%. america is not an attractive place to invest money. we could change that. we could go from 34% on our business tax and down to 9% and make what are foreign investors looking for? a safe haven for invtment. they want to invest in the

1:08:30 to 1:08:52( Edit History Discussion )

Michelle Marie Bachmann: united states, but we have a very punitive investment climate. if we could bring that tax rate down to 9%, we would be able to bring foreign money into the united states and invest and create jobs. and rather than seeing jobs fleeing the united states to other countries, we could see them come back to the united states. that's what we need now, more

1:08:53 to 1:09:14( Edit History Discussion )

Michelle Marie Bachmann: jobs, more stability, more certainty. we've had enough with economic uncertainty from 2008 to the present. let's change that equation. we can have a positive alternative. first, zero capital gains. second, lower the business tax rate to being one of the lowest in the world.

1:09:15 to 1:09:35( Edit History Discussion )

Michelle Marie Bachmann: third, cut every american's tax te down by at least 5%. we can do that and that will help americans keep their money. fourth, we need to kill the death tax. if one american pays a death tax, it's immoral. why should uncle sam reach into

1:09:36 to 1:09:57( Edit History Discussion )

Michelle Marie Bachmann: the coffin after death and pull it out of the american. this is immoral. it shouldn't be. and the alternative minimum tax, we should zero out the alternative minimum tax, which is putting a second tax burden on already overclassed -- over taxed middle-class americans. sarbanes-oxley.

1:09:58 to 1:10:18( Edit History Discussion )

Michelle Marie Bachmann: sarbanes-oxley has chased capital out of new york city over to london. we need to get that investment capital back into the united states. that's a pretty simple plan. if we would stay here for the rest of the day and if we would stay here tomorrow as members o congress, we could very quickly and simply pass commonsense legislation that's worked time

1:10:19 to 1:10:39( Edit History Discussion )

Michelle Marie Bachmann: and time again. don't just take my word for it, a woman from minnesota. look at harvard. harvard did a study back in 2002 that examined 18 different world economies and they showed the same thing. they said what do you do to make economies work and what do you do to make economies not work?

1:10:40 to 1:11:00( Edit History Discussion )

Michelle Marie Bachmann: here's what you do. you lower the wages of government employees. you lower transfer payments, welfare payments, and you lower the tax rates. that's what you do, the study concluded, to make economies revive. what you don't do is increase government spending. what you don't do is increase taxes.

1:11:01 to 1:11:21( Edit History Discussion )

Michelle Marie Bachmann: what we've seen in the last 65 days is what you do to economy not work or bring uncertainty into our economy. the american people deserve a positive solution. and we've got one. let's get to work. let's stay here. let's make it happen. instead, what are we seeing

1:11:22 to 1:11:42( Edit History Discussion )

Michelle Marie Bachmann: happen? we are seeing more spending and higher taxes. and what did the federal reserve try to do this week? they announced they are going to do another trillion dollars in purchases. and they just announced today another $300 billion in buying up long-term treasury securities.

1:11:43 to 1:11:45( Edit History Discussion )

Michelle Marie Bachmann: they have lowered the interest rates to zero annow they want