Chuck Grassley: “This amendment by Senator Carnahan guts the tax relief for individual taxpayers by $87 billion. In effect, it increases…”

“This amendment by Senator Carnahan guts the tax relief for individual taxpayers by $87 billion. In effect, it increases taxes on families and working people by $87 billion by denying them the tax cuts contained in our bipartisan tax bill. Here is how the amendment works. First, this amendment not only delays the reduction of the marginal tax rates; it provides for only a 1-point reduction in the marginal tax rates over a period of years compared to the 3-point reduction in the bipartisan plan Senator Baucus and I have put together. This 1-point reduction equals the rate relief that our bipartisan tax plan provides in the first year alone. Our plan's additional tax cuts would be eliminated entirely under the Carnahan-Daschle amendment.”