Rae Oliver Davis: “Well, I think we need to put in real terms what is going to happen in 1,446 days, and that is a $2,096 tax increase for…”

“Well, I think we need to put in real terms what is going to happen in 1,446 days, and that is a $2,096 tax increase for every working family in America. What does that translate into? For me, that translates into one semester of college tuition for my 21-year-old, who started student teaching this week. She is in her third year at Northern Kentucky University. And what does it hold for my son's future? What kind of opportunity is he going to have by restricting that annuity that could grow and remain strong in the future? If we look at it in the bigger sense and talk about energy security in this tax that is coming, that is going to hit people in their bottom line, in the pocketbook and at the pump, one of the things we got to experience working together on the Armed Services Committee, we see much of the money that America sends to foreign oil producers is sent to unstable parts of the world. It is sent to areas like the Arabian Gulf that are a hotbed of extremism and instability. We see what is happening in Venezuela right now, with a socialist dictator who has risen to power and threatening to nationalize the oil reserves and fundamentally to cut off America's gasoline supply. Fifteen percent of our gasoline comes from that part of the world. The one thing that I want to comment on, from that standpoint, is we need to reduce our dependency on foreign oil, to keep more of our dollars here.”