Political Quotes

“The point he makes here--and I will quote a couple of points--is regarding the President's demand that we raise taxes, and he says, ``His timing couldn't be worse.'' Let me quote from this. Two problems arise when marginal tax rates are raised. First, as college students learn in Econ 101, higher marginal rates cause real economic harm. The combined marginal rate from all taxes is a vital metric, since it heavily influences incentives in the economy--workers and employers, savers and investors base decisions on after-tax returns. Thus tax rates need to be kept as low as possible, on the broadest possible base, consistent with financing necessary government spending. The second point he makes is that as tax rates rise, the tax base shrinks, and ultimately you have a much smaller group of people paying at those very highest levels. He goes on to point out some examples of somebody in the upper brackets in the State of California, which is a high-tax State. When you add in the California taxes, the payroll taxes to fund ObamaCare, ultimately the President's idea of uncapping Social Security payroll taxes, the combined marginal rates would rise to a stunning 58.4 percent. Then, if you added in the requirements to pay for the additional costs of the excess spending the administration has proposed, the taxes could drive the combined marginal rate to more than 70 percent by 2035 and 80 percent by 2050.…”