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JOHN LINDER: “the 23 percent was calculated in 1995, and since we have had significant tax cuts since then, it may be less than 23…”

On the recordMay 11, 2004
the 23 percent was calculated in 1995, and since we have had significant tax cuts since then, it may be less than 23 percent. We have to go back to the committees that the gentleman deals with on the Committee on Ways and Means to have new studies done on that. But in 1995 it was revenue neutral, which means it brings in exactly the same amount of money as the current system does. But let us point out that the average income-earner today spends 28 percent of their income to the withholding of the IRS, of the Tax Code, and another 8 percent roughly for their Social Security and Medicare. So as an individual spending, I would rather give up 23 percent of what I spend than 34 percent of what I earn. It will encourage great earnings and great savings.
Said by
JOHN LINDER
Georgia
Source
govinfo.gov

Editor's note · Context

Discussing tax rates and their impact on income earners.

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