mr. levin, each control 35 minutes. and the chair would recognize the gentleman from michigan, mr. camp. mr. camp: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days to revise and extend their remarks and to include extraneous material on h.r. 9. the speaker pro tempore: without objection. . mr. camp: i yield myself such time as i may consume. i rise today in support of h.r. 9 this legislation will allow small businesses with fewer than 500 employees to take a 20% tax deduction. small businesses are the engine of job creation and while we pursue comprehensive tax reform that will give all businesses certainty to invest and hire, this bill will help small businesses to reinvest, hire new workers or provide arace -- a raise to an employee. the policies put forth by president obama and congressional democrats have yielded more government spending, but have failed to generate strong economic growth and the jobs americans need. mr. speaker, the house is n

i wanted to thank mr. levin and mrs. e. in for the presentation. let's open this up for public comment. we received a letter from jason henderson in our records. i know that peter and fernandez just stepped out, but i will call the cards and anyone that would like to speak, please come forward. jim, carrot, joe? thank you. it looks like we need to limit this to two minutes per person. a bell will go off with 30 seconds to go. again, i should ask you, peter, who just left the room, to someone let them know? thank you. >> good afternoon, supervisors. my first observation would be -- only in san francisco might this measure be considered unusual or out of the ordinary. we got a call in response to the crash of 2008 and 2009, eliminating fees, reducing them is a way of increasing economic activity to save jobs. this measure in no way harms the city budgets. it is paid to the city instead of private equity firms and banks, money that stays in the city. under the old system, the city did not spend the fees because of the risk of having to refund them. it

mr. levin may inquire. >> well, thank you very, very much for your testimony. mr. chairman, i think this is a hearing that has significance for tax reform for this issue and beyond. because while there are some differences among you, some, and i think everyone believes we can improve the system, i think your testimony issues a warning to those who propose to eliminate all tax expenditures or those who equate tax expenditures loosely with tax loop holes. because this tax expenditure, i think, is not a loop hole. it's a policy. and some have essentially said, let's start by eliminating them all and go on from there. and some propose --.

mr. levin: the republicans have taken a 180-degree turn on helping with student loans. the republican budget said no. in february, governor mitt romney said this, the right course for america is make sure that we provide loans to the extent we possibly can at an interest rate that doesn't have the taxpayers having to subsidize people who want to go to college. want to go to school. now he and the republicans here have shifted. shifty indeed. now they're doing so is not only politically expedient but extremely harmful. they hit health care. health care. they refuse to end a tax eak for bill oil that never should have been given in the first place. even though the big five oil companies made more than $32 billion in the fourth quarter of last year alone. this bill is shameless. it is shameful. vote no. i yield back. the speaker pro tempore: the gentleman yields back. does the gentlelady from illinois continue to reserve? mrs. biggert: yes, i continue to reserve. the speaker pro tempore: the gentleman from massachusetts. mr. tierney: mr. speaker, at this time i'd like to y

and get the facts and i look forward to the discussion and will now yield to the ranking member mr. levin for the purposes of an opening statement. >> thank you, mr. chairman. welcome. thank you for coming. today's hearing is this committee's commercial examination of what tax reform might mean for a very specific set of tax provisions, those designed to promote retirement savings. tax preferred retirement savings have benefited tens of millions of american families. the estimates of exactly how many vary, but most find that 40% to 50% of all workers are covered by an employer sponsored retirement plan, some 60 million to 70 million people. employer-sponsored plans including defined contribution and defined benefit plans, private and public sector, hold assets of $9.3 trillion held that amount as of the end of last year, and an additional 49 million households hold $4.7 trillion in iras. the tax preferred retirement system is voluntary. employers are not required to offer retirement plans. but i think we'll hear today that employers basically understand the current system, and that it wor

mr. levinwhat we have just witnessed here is an example of why the united states senate is too often tied into knots. we have a bill that's critical to every one of our states that's pending. the postal reform bill. the leader tried to move this bill forward by saying let's stick to relevant amendments, relevant to the bill which is a brought brod standard, a lot broader than a germaneness standard. then there is an objection to that because there's another matter which the senator from kentucky rightfully has an interest in, we all have an interest in various matters many of which are $2 billion or more in terms of costs but that amendment of the senator from kentucky is not relevant to this bill. and unless he says he gets his way and has a 15-minute debate on a $2 billion subject, he's going to object to us addressing a subject which is involving every one of our states. now, this is why we have so many difficulties here at times, at least, moving forward in the senate. because any one of us

mr. sweetnam you are recognized for five minutes. >> chairman camp and making member levin thank you for the opportunity to test by this and. on a principle of the law firm that focuses exclusively on employee benefits law. prior to joining groom i was a benefits tax counsel at the office of tax policy at the department of treasury from 2001 to 2005. i will testify today about the simplification proposals for retirement savings accounts that we developed at the office of tax policy and that were included in the bush of administrations budget proposals for fiscal years 2004 in two and 2005. please note that i'm speaking today on my own behalf and not speaking on behalf of the firm or any firm client in my testimony. one of the reasons to simplify. the code provides various incentives for individual retirement savings for employer-based retirement savings and further savings such as the payment of medical expenses or educational expenses. all the savings vehicles have different eligibility requirements and the amount of the tax could change based on the individual's income status or his or

megyn: in three minutes, a very rare television event, mr. levin will join us live. don't miss that, right after the break. >>> plus, two major media outlets, forced to do an about-face on the coverage of the tehran -- on the trayvon martin killing. we'll look at the fallout and bernie goldberg is here. >> the mega millions mess gets more bizarre. these are live pictures as an attorney for the alleged winner in maryland, keep in mind, three winners, this is one of the three, is holding a news conference, but telling the media to go home while his client takes a phone call in the middle of the press brief! and that's just theou beginning. [ gong ] strawberry banana! [ male announcer ] for a smoothie with real fruit plus veggie nutrition new v8 v-fusion smoothie. could've had a v8. [ male announcer ] for our families... our neighbors... and our communities... america's beverage companies have created a wideange of new choices. developing smaller portion sizes and more low- & no-calorie beverages... adding clear calorie labels so you know exactly what you're choosing...

mr. chairman. chairman levin, thank you, member mccain, members of the committee. i want to start by thanking you all for the support that you give to our sailors, marines, civilians, their families in the department of the navy. and insuring that they get what they need to do their mission. the pride that general amos, the commandant of the marine corps and greenert and i take in leading these dedicated sailors, marines, civilians of the department who selflessly serve the united states as exceeded only by the accomplishments of the brave and completely selfless individuals. whatever is asked of them by the american people through their commander in chief, from afghanistan to libya, from assisting the stricken people of japan to assuring the world has ever known. no one should ever doubt the ability, capability, or the spe superiority of the team. after two long ground wars, it was essential to review the basic strategic posture. the new guidance under the leadership of the president and the secretary of defense with the full involvement of every secretary and ser

mr. chairman. chairman levin, ranking member mccain, distinguished members of the committee, i'm honored to [w appear before[w you for the firw time to talk about the navy's [ budget submission.[wçw[w because of the active and [[w[w reserve sailors and civilians and their families, the navy and our primary joint partner the marine corps remain a vital part of our nation security. i'm honored to lead the navy in these challenging times. this morning, i would like to address three points, the navy's importance to the national security, our enduring tenants and decisions and how the 10 nlts and how the decisions shaped the bub budget submission. we're the preeminent force, we operate forward from u.s. bases and partner nation places around the world to deteraggression, response to crises, and to win our nation's wars. if you refer to the chart i have provided in front of you, you can see on any given day, we have about 50,000 sailors and 145 ships under way with about 100 of those ships deployed overseas. these sh

mr. levin: the republicans have taken a 180-degree turn on helping with student loans. the republican budget said no. in february, governor mitt romney said this, the right course for america is to make sure that we provide loans to the extent we possibly can at an interest rate that doesn't have the taxpayers having to subsidize people who want to go to college. want to go to school. now he and the republicans here have shifted. shifty indeed. now they're doing so is not only politically expedient but extremely harmful. they hit health care. health care. they refuse to end a tax break for bill oil that never should have been given in the first place. even though the big five oil companies made more than $32 billion in the fourth quarter of last year alone. this bill is shameless. it is shameful. vote no. i yield back. the speaker pro tempore: the gentleman yields back. does the gentlelady from illinois continue to reserve? mrs. biggert: yes, i continue to reserve. the speaker pro tempore: the gentleman from massachusetts. mr. tierney: mr. speaker, at this time i'd like

with that let me recognize the ranking member of the ways and means committee, mr. levin. i will mention to my colleagues that we're going to hold firm to a five-minute rule here in order to get everybody in to be able to ask their questions of our panelists here today. >> thank you. i think the fact that many of us are here is an indication that we may not be in session but, this con should really be so and, the republicans, they support a free market even when it's rigged and so we're here to try to probe this. so, let me just ask you because you make such a compelling case as to how much speculation is. i think both of you said essentially in terms of these derivatives, they may be 80% speculation and 20% response to a real need. let me just ask you, assuming that's true and there is much evidence there is, how, if we ran the show and i wish we did, how would we pass legislation that would get at the speculation, but, permit, where there was an effort to hedge against an increase and take control of that product? that's the line you draw? how would we do this realistica

mr. levin: i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. all those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. a sufficient number having arisen, the yeas and nays are ordered. members will record their votes by electronic device. this is a five-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of representatives.] the speaker pro tempore: on this vote the yeas are 235. the nays are 173. one member voting present. the bill is passed. without objection the motion to reconsider is laid on the table. for what purpose does the gentleman from rhode island seek recognition? mr. langevin: mr. speaker, i ask unanimous consent to withkragh my name as a co-sponsor of h.r. 2341. -- withdraw my name as a co-sponsor of h.r. 2341. the speaker pro tempore: without obj

mr. levin: i ask unanimous consent that a statement of mine supporting the tester amendment be inserted in the record immediately prior to the vote -- the voice vote on the tester amendment 2056. the presiding officer: without objection. mr. mccain: mr. president? the presiding officer: the senator from arizona. mr. mccain: i call up amendment 2033 and ask for -- the presiding officer: the clerk will report. the clerk: the senator from arizona, mr. mccain, proposes amendment numbered 2033. the presiding officer: without objection. mr. mccain: mr. president this amendment would establish a commission on postal reorganization basically a brac. it's the same thing that we have done in the case of military bases for -- bases. for many years we were unable to close a single one. this would have one on postal reorganization. they would come up with their findings and the congress would vote up or down. recently government accountability office released a report just this month entitled "challenges re

no further response required, but i just wanted to reemphasize what chairman levin and senator mccain were saying. thank you, mr. chairman. >> thank you very much, senator webb. senator faheem. >> thank you, chairman for being here this morning. hopefully i am the last person that you have to hear from. i figure on this committee we always save the best for last. i actually want to begin where some of my colleagues left off, and particularly senator bagitch and that is on the issue of medicine. i want to thank you specifically, senator. the water held a field naerl. we had a ship named after her in the mountains for us to have a hearing on. it was a nice benefit to the hearing, but it was. and it's one i wish everybody on this committee could have gone the difference that moving towards alternatives. . and the second boint. nation national. . if we can defend ourselves against foreign oil, we're in a mch position die to tornado answer. >> the federal government is the biggest energy user within america. the department of defense is the biggest energy user within federal government. and oz you so rightly ountd i

my department when i present my evidence to lord justice levin, i believe the actions are being taken as a result of evidence released yesterday. mr. speaker, we are 273 days into a process that will last until october. this is not the time to jump on a political bandwagon. what the public want to hear is not my views, but the review of lord justice love someone he has considered all the evidence. i do think it is right to set the record straight on a number of issues in light of evidence heard yesterday at the inquiry. specifically on the merger of new score with bskyb -- news corp. with bskyb. first, i have strictly followed due process. seeking the advice of independent regulators, something i did not have to do, and after careful consideration, acting on their advice. i have published all the advice i have received together with correspondence between myself and news corp., including details of meetings about the process of this. as part of this process, my officials and i engaged with news corp. and its representatives and other interested parties, both supporters and opponents of the merger. transcripts of conversations and

levin. let me read one thing they say. we're disappointed mr.ez and others who left government positions prior to the ubl operation and are not privy to all of the intelligence th, saye torture were a central part of the success are misguided and misinformed. >> first of all, thank you for invite manage glee pleasure to have you here. >> as you know, the senate investigation has been going on for 2 1/2 years. it is a very partisan investigation. the republicans left a year ago, or maybe longer than that. i have no doubt of what i say in the book, that the basis for the eventual takedown of bin laden, the original information regarding the courier, came from high value detainees that were captured in 2004 and 2005. it took ten total years to get bin laden. but that was the key information that was obtained that allowed our men to pursue the courier. it took another two or three years after that to get -- >> to connect with the courier that led them to osama bin laden. i want to bring in john miller. also what's coming out of this is the sense tha

boxer, durbin and levin for cosponsor this measure, and i would ask unanimous consent to add senator lautenberg as an additional cosponsor. the presiding officer: without objection. mr whitehouse: the structure of the bill is pretty simple. if your total income, capital gains included, is over $2 million, you calculate your taxes under the regular system. and if your effective rate turns out to be greater than 30%, you pay that rate. if, on the other hand, your effective tax rate is below 30% 30% -- like the 11% tax rate warren buffett paid in 2010 -- then you'd pay the fair share tax of 30% instead. taxpayers earning less than $1 million -- which is more than 99.8% of americans -- would not be affected by the bill at all. for taxpayers earning between $1 million and $2 million, the fair share tax gets gradually phased in so that ultimately when you earn over $2 million, you're subject to the full 30% minimum rate. the one exception the bill makes to the 30% minimum is maintain the provision for charity giving. taxpayers are permitted to subtract the same amount of contributions allowed under the regular income tax from their tashingable income. the reason for this

congressman don edwards of maryland, -- donna the words of maryland, sandy levin of the ways and means committee, and from the virginia, mr. moran. what i think about -- what i think about today's proceedings, one name and give it is "the agony and ecstasy." the agony of the consumer is with the price of the pomp and what that means to them, especially those having trouble making ends meet, and how the high cost at the pump is an obstacle for them. it is not just a luxury, i guess something they must do to make ends -- it is is something they must do to make ends meet the ecstasy is for all i elkridge they -- the ecstasy is for oil. they right in record profits last year. -- they raked in record profits last year and they are on track for another year of astronomical profits. we will hear more about that from our expert witnesses and from our colleagues. i thank my colleagues for joining us and i appreciate the presence of a professor greenberger and mr. gill ford -- mr. guilford. >> i want to welcome everyone here today. it is a privilege to do that. i want to welcome my colleagues on the panel this afternoon. i oil pric

congresswoman edward maryland, chairman sandy levin of the ways and means committee, bobby's got the viejo, and also from virginia mr. marin. i think about today's proceedings, one title in my mind i give it, the agony and ecstasy. the agony of our consumers and price of the pump. what that means to them, especially people who are having trouble making ends meet and have on high-cost the pump is really an obstacle to them. it's that just a luxury. it's something that we must do and they have to make ends meet. the agony is for them. the ecstasy is for bigelow. the record profit of $1,307,000,000,000 in profit last year. $261,000 a minute, minute. and on track for another year of astronomical profits. experts have been clear. well street speculators are artificially driving up the price of the pomp and causing pain for millions of americans and consumers that will hear more about from are expert witnesses and from our colleagues. i think my colleagues for joining us. i appreciate the prices and yield to the distinguished chairwoman of the steering committee. >> thank-you. i want to welcome everyone today. it is a pri

also pleased to be joined by congressman donna edwards of maryland, sandy levin of the ways and means committee, and from virginia, mr when i think about today's proceedings, one name and give it is "the agony and ecstasy." the agony of the consumer is with the price of the pomp and what that means to them, especially those having trouble making ends meet, and how the high cost at the pump is an obstacle for them. it is not just a luxury, it is something they must do to make ends meet. the ecstasy is for oil. they raked in record profits last year and they are on track for another year of astronomical profits. we will hear more about that from our expert witnesses and from our colleagues. i thank my colleagues for joining us and i appreciate the presence of a professor greenberger and mr. guilford. >> i want to welcome everyone here today. it is a privilege to do that. i want to welcome my colleagues on the panel this afternoon. i oil prices affect every aspect of americans' lives, not just the cost of traveling, but the heating of homes, food, and other purchases. there are many reasons for the fluctuations and the

boxer, durbin and levin for cosponsor this measure, and i would ask unanimous consent to add senator lautenberg as an additional cosponsor. the presiding officer: without objection. mr. whitehouse: the structure of the bill is pretty simple. if your total income, capital gains included, is over $2 million, you calculate your taxes under the regular system. and if your effective rate turns out to be greater than 30%, you pay that rate. if, on the other hand, your effective tax rate is below 30% 30% -- like the 11% tax rate warren buffett paid in 2010 -- then you'd pay the fair share tax of 30% instead. taxpayers earning less than $1 million -- which is more than 99.8% of americans -- would not be affected by the bill at all. for taxpayers earning between $1 million and $2 million, the fair share tax gets gradually phased in so that ultimately when you earn over $2 million, you're subject to the full 30% minimum rate. the one exception the bill makes to the 30% minimum is maintain the provision for charity giving. taxpayers are permitted to subtract the same amount of contributions allowed under the regular income tax from their tashingable income. the reason for this

boxer, durbin and levin for cosponsor this measure, and i would ask unanimous consent to add senator lautenberg as an additional cosponsor. the presiding officer: without objection. mr. whitehouse: the structure of the bill is pretty simple. if your total income, capital gains included, is over $2 million, you calculate your taxes under the regular system. and if your effective rate turns out to be greater than 30%, you pay that rate. if, on the other hand, your effective tax rate is below 30% 30% -- like the 11% tax rate warren buffett paid in 2010 -- then you'd pay the fair share tax of 30% instead. taxpayers earning less than $1 million -- which is more than 99.8% of americans -- would not be affected by the bill at all. for taxpayers earning between $1 million and $2 million, the fair share tax gets gradually phased in so that ultimately when you earn over $2 million, you're subject to the full 30% minimum rate. the one exception the bill makes to the 30% minimum is maintain the provision for charity giving. taxpayers are permitted to subtract the same amount of contributions allowed under the regular income tax from their tashingable income. the reason for this

mr. brookhiser explain why did and how did burr become so strong in new york which was naturally a federalist hamiltonian place? david levine from hope sound, florida. >> guest: aaron burr was a very charming man. he was very interested in the game of politics. he was good at it. i tell you, my insight into iewrn burr, there was a book my my -- it was written in 1900, came out. and in it the author interviewed a very old man who had known aaron burr when he was young, okay? so aaron burr dies like 1836, '37. so that's how it is possible for this to happen. and so the grand son asks this guy, so, everybody said aaron burr was alcoholling, you know? why did they say that. and this man said it was a way he listened to you. aaron burr had a way of listening to you that persuaded you that what you were saying was more important to him than anything. and that was like a flare went off. i thought, i understand this guy. i mean, if there's a certain kind of narcissistic personality, i mean, we think of narcissists being full of themselves, but there's a certain kind of personality that goes through life by attaching themselves to o

mr. brookhiser discussed the underside of early america as represented by aaron burr? why did and how did he become so strong in new york which was naturally a federalist hamiltonian place? david levine from florida. >> guest: he was very interested in the game of politics. he was good at it. my insight to aaron burr. there's a book by one of hamilton's grandchildren called the intimate life of alexander hamilton. it was written in 1900. and in it, the author interviewed a very bold man who had known aaron burr when he was young. so aaron burr died in 1836-37. that is how it is possible for this to happen. and so the grandson said everybody said aaron burr was charming. what does that mean? why did they say that? this man said it was the way he listened to you. aaron burr had a way of listening to you that persuaded you that what you were saying was more important to him than anything. that was like a flare went off. i thought i understand this guy. there's a certain kind of narcissistic personality. we think of narcissists as being full of themselves but there's a certain kind of personality that goes through life by attaching themselves to others by making momentary impressions on

levin, a senator from the state of michigan, to perform the duties of the chair. signed: daniel k. inouye, president pro tempore. the presiding officer: the majority leader is recognized. mr. reid: thank you, mr. president. america has the best, brightest and most dedicated workers in the world. all those workers need is a fair shot to succeed. but right now many workers in this country don't enjoy the same rights as the wealthy c.e.o.'s. that is a right to negotiate the terms of their employment. a new rule from the national labor relations board will remove unnecessary obstacles to workers' rights to form a union. i solidly support this rule and i urge all my colleagues to vote tomorrow against a resolution of disapproval which would strike down this commonsense rule. the new rule doesn't change or do anything to encourage unions, but it doesn't discourage them either. it just gives workers the ability to vote yes or no while minimizing the chances of intimidation and stalling. mr. president, tomorrow the senate will also vote on a number of amendments to a bipartisan postal reform bill. this important piece of legislation will safeguard more than eight million jobs of

mr. levin: what we have just witnessed here is an example of why the united states senate is too often tied into knots. we have a bill that's critical to every one of our states that's pending. the postal reform bill. the leader tried to move this bill forward by saying let's stick to relevant amendments, relevant to the bill which is a brought brod standard, a lot broader than a germaneness standard. then there is an objection to that because there's another matter which the senator from kentucky rightfully has an interest in, we all have an interest in various matters many of which are $2 billion or more in terms of costs but that amendment of the senator from kentucky is not relevant to this bill. and unless he says he gets his way and has a 15-minute debate on a $2 billion subject, he's going to object to us addressing a subject which is involving every one of our states. now, this is why we have so many difficulties here at times, at least, moving forward in the senate. because any one of