JOHN LINDER: “In 1928, two gentlemen in Congress by the names of Smoot and Hawley drafted a bill to reduce tariffs to broadly increase…”

“In 1928, two gentlemen in Congress by the names of Smoot and Hawley drafted a bill to reduce tariffs to broadly increase markets, particularly for farmers. And after 4 years, it became not a tariff reduction bill, but a tariff increase bill. And all our trading partners responded in kind, leaving us a dust bowl in the 'Grapes of Wrath.' If you don't think they're going to respond in kind to this, you're nuts. Toyota is not located in Barbados. Honda is not located in the Caribbean islands. These companies pay huge American taxers and hire millions and millions of our neighbors. They sell product in this country, they sell product for dollars. And the only value that dollar has for them is to spend it in a dollar-denominated economy, and they spend in America and they buy companies. If you don't believe that this 4 to $6 billion tax increase on foreign capital is going to cause a response, you're simply not paying attention to history. Vote this tax increase down.”