David Schweikert: “Tonight, I am going to actually try to do something that is a little tricky, but I am going to first sort of explain the…”

“Tonight, I am going to actually try to do something that is a little tricky, but I am going to first sort of explain the theme, and then I am going to sort of walk through some of the backup material. We understand right now, our brothers and sisters on the left have, what, another $4\1/2\ trillion of spending--maybe it is 5--in the pipeline, a couple major multi-spending of that, let's call it that $4\1/2\ trillion over the next 10 years. They claim to have about $3 trillion in tax increases coming to pay for it. The reality--and hopefully I will be able to do this over the next couple of weeks as we try to get more details and work through it line by line--it also requires that you hit every mark on the revenue raised, that all sorts of programs expire, which is really unlikely around here, and also certain spending expires. It is just not real. So our top-of-the-napkin math right now is at best over the 10 years it is a couple trillion dollars in new revenues. Well, one of the sets of revenues that is being discussed is, well, let's tax the wealthy. Okay. Except when you walk through the math there, let's raise capital gains tax, let's raise basis, let's raise individuals' income tax, and also then you add in let's raise taxes on corporations, fine, but we are already starting to see the data coming in saying that just going to the 28 percent on the corporate tax rate is 1 million jobs over the next 24 months.…”