Neal Opening Statement at Tax Markup

(As prepared for delivery)

Thank you, Mr. Chairman. That was a beautiful tribute. I join you in honoring the life and legacy of Chandler Mason. She was a dedicated public servant, most recently as the Legislative Director for Congresswoman Sanchez and previously with Congressman Evans. She was a bright smile in this room and a cherished colleague to so many. A leader and trusted confidant, and I've heard from Congresswoman Sanchez just how valuable her counsel was. This is a loss to all who had the privilege of knowing her, and all touched by her spirit. I send my deepest condolences to her family, and her DC families-the Sanchez and Evans' offices as well as the Tax LAs. You are all deeply valued by every single Member up here on this dais.

Dr. Murphy, it's great to see you. You've been missed, and I speak for all on our side when I say that you've been in our thoughts, but seeing you back in this room is wonderful.

Now to today's markup, a defining feature of recent Congresses has been the tight margins, though the stories of success vary widely.

When we held the Majority through tight margins, we passed the most consequential legislation in recent memory. The American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPs and Science Act, and the Inflation Reduction Act will all be remembered as titans of change.

From this very Committee, we passed legislation to cut child poverty, bring down health care costs, spur the growing green energy economy, bring fairness to the tax code, among so many other major accomplishments. Empowering Medicare to negotiate drug prices, the largest federal investment in combatting climate change, making way for a historic economic recovery that has made our economy the envy of the world. All of this was possible with just a few vote margin.

Fast forward to today, this Congress has proven to be an endless waste of time for the American people. All the legislation under consideration is a preview of the Republican brainchild, Project 2025, which won't hit at the issues on the hearts and minds of folks around the country. Rather, deepen their extremism, gut Social Security and Medicare, and their War on Women.

For starters, I've long maintained that the endowment tax was punitive. As Republicans veer further into the political fringes, their ire towards our universities has grown. I can unequivocally denounce antisemitism while recognizing that this legislation won't do what it intends. As we seek to support our nation's students and institutions, we want solutions that will work. That's not what we have before us today.

With the first bill, they didn't even bother to vet it with university stakeholders or civil rights experts. Rather, they chose to levy multi-million dollar tax penalties on institutions when fully funding the Department of Education's Office of Civil Rights would allow for better enforcement of current law. They have this all backwards, hammering institutions with penalties without any regard for actually enforcing current law to hold institutions accountable.

Next, Republicans are resorting to xenophobic tropes to distract from their inability to govern. Our nation's higher education is strengthened by diversity, and this legislation wants to clamp down on institutions that accept foreign students by increasing the endowment tax in certain instances.

Then we have a bill that expands 529 plans, but by pitting our public schools against other modes of schooling. Public schools are part of the foundation of our democracy, and 529 plans can be enhanced without putting the institutions that instill so much in our younger generations at risk.

And finally we have a bill that repeals rules related to the Inflation Reduction Act's EV credit, leading to chaos and confusion for taxpayers looking to electrify their car. Since President Biden took office, EV sales have more than quadrupled, with over 4.5 million EVs on our roads.

The regulations in place are sensible and ensure the EV market is robust with secure supply chains. Yet, Republicans would rather stick up for Big Oil and Gas than usher in the green energy economy of the future.

I yield back.

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