If you or anyone really cares about the deficit, you need to really pay very close attention to this debate that is going to happen here in this chamber and here in Washington, D.C., in the days and weeks ahead. And that is, do we give an enormous tax break to the wealthiest of America, and in doing so increase the deficit by over $700 billion, or do we limit that tax break to all taxpayers up to $200,000 or $250,000? An extremely important debate that will take place. For me, it is time to think about the deficit. It's time to get real about the deficit. And if you really care about the deficit, if you really care about growing the economy, the point that you just made, then limit the tax reduction so that all Americans receive a tax deduction up to $200,000 or $250,000 of adjusted gross income. And keep in mind it's adjusted gross income, not gross income. Adjusted gross income. That's after all the deductions.
On the recordNovember 17, 2010
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govinfo.govEditor's note · Context
Garamendi discusses the implications of tax breaks on the federal deficit.
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