David Weldon: “I just take real offense at him saying that, and some of his staff saying that, because the problem was created by too…”

“I just take real offense at him saying that, and some of his staff saying that, because the problem was created by too much spending. The issue of indexing capital gains to inflation is a very simple one. If you are a working man and you manage to set aside $1,000 for an investment, let us say it is for your children's college, you have an 8-year-old, and in 10 years they are going to be in college and that doubles in value to $2,000. But if inflation has been such that it has really only gone up about $500 in value, we say you pay capital gains on that $500. Bill Clinton wants you to pay capital gains on the whole $1,000 increase in your investment. In effect you are paying capital gains taxes to Washington, DC, on inflation. I just think that is dead wrong and it is an issue of fundamental fairness. Likewise, it is just wrong and unfair for elected officials to come up here to Washington and to vote over and over again to increase spending and then throw up their hands and say we have to raise taxes to balance the budget.”