John Yarmuth: “I appreciate the comments from the gentleman from New York and thank him for his work on the Budget Committee as well…”

“I appreciate the comments from the gentleman from New York and thank him for his work on the Budget Committee as well, and standing up for all Americans as we try to recover from the greatest economic crisis we've had since the Great Depression 80 years ago. I forgot to mention one thing earlier when I was talking about the proposal to raise the taxes of people making over $1 million a year back to the Clinton-era tax levels. And what's interesting about those Clinton-era tax levels, when the highest rate was 39.6 percent, during that time, 20.8 million jobs were created in the United States in the private sector. Then came the Bush tax cuts and took the maximum level tax to 35 percent; 653,000 jobs lost in the private sector. I know it seems counterintuitive because the mythology has grown out there that when you lower taxes, it stimulates economic activity. The reality is quite different: 39.6 rate, 20.8 million jobs created; cut it to 35 percent, 653,000 jobs lost. What about annual growth rates? Again, during the Clinton years when the high rate was 39.6, 3.9 percent real GPD growth over that period. When 35 percent, 2.1 percent real GPD growth. So the reality is that lower tax rates do not necessarily equate with better growth or more jobs. What they do equate with is a continuing separation of the very wealthiest Americans from everybody else.…”