Jon Kyl said "the problem is we are in the game here, spending the same dollar three or four times, it appears. Under the Sanders amendment, it is paid for by raising taxes another $32.5 billion, ostensibly from the rich; that is to say, by raising taxes on people who make over $1 million a year. Here is the problem with that. The budget on the floor already assumes the expiration of the current tax rates; that is to say, the rates on the highest level go from 35 to 39.6, and that money is spent. If you took all the top-rate income, you would come up with $25 billion a year, not even enough to meet what is here, and that money has already been spent. The reality is somewhere or other, somehow, more taxes would have to be raised. I don't think the American people want to do that, particularly in the current environment." @ PoliticalQuotes.com

On the recordMarch 13, 2008

the problem is we are in the game here, spending the same dollar three or four times, it appears. Under the Sanders amendment, it is paid for by raising taxes another $32.5 billion, ostensibly from the rich; that is to say, by raising taxes on people who make over $1 million a year. Here is the problem with that. The budget on the floor already assumes the expiration of the current tax rates; that is to say, the rates on the highest level go from 35 to 39.6, and that money is spent. If you took all the top-rate income, you would come up with $25 billion a year, not even enough to meet what is here, and that money has already been spent. The reality is somewhere or other, somehow, more taxes would have to be raised. I don't think the American people want to do that, particularly in the current environment.

Said by

Jon Kyl

Republican · Arizona

Source

govinfo.gov

Editor's note · Context

Discussing the implications of the Sanders amendment on tax policy and budget spending.

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