On the recordFebruary 2, 2012
Reclaiming my time, I absolutely believe that our small businesses are overtaxed today. As the gentleman knows, I've introduced the most cosponsored piece of fundamental tax reform legislation in this House, another version of which has been introduced in the Senate, and has more cosponsors than any other fundamental reform bill in the Senate. And what does that bill do--called the FAIR Tax, H.R. 25, Mr. Speaker, in the House--it abolishes small business taxes entirely. It recognizes the economic truth that businesses don't pay taxes, consumers pay taxes. I absolutely agree, I don't want to just do a cut, I would say to my friend. I want to abolish those taxes altogether. And what Congressman Price's Pro-Growth Budgeting Act would do is share with the American people, because we know that's going to lose money in year one because we're cutting taxes. The only way the government gets money is from taxes. You reduce taxes, that's a loss in year one. What that bill would do, Mr. Speaker, is provide the secondary impact, the tertiary impact, share with the American people. Well, what happens in year two? It's like going to college, Mr. Speaker. When you go to college, you lose money. It's a drain on your bank account. And if you equate the drain on your bank account of going to college the same as the drain on your bank account of going to McDonald's, you're going to make some bad decisions. You've got to know the impact of those down the road.
