On the recordDecember 31, 2012
Mr. President, some of you may have heard that there is something called the fiscal cliff approaching and that we must do something about it or we will go over that cliff. But if you want to fix and do something about going over a cliff, you have to know what is the fiscal cliff. Well, the fiscal cliff, apparently, is taxes going up. So it must be a bad thing if your taxes go up. People have said: Well, it is kind of like having people drowning. And people are drowning. What does that mean? That is a bad thing. Taxes going up is a bad thing. So what are they telling us? Let's save 98 out of 100 of them. Well, that sounds pretty good. I am for saving as many as we can. But that sort of implies that our policy is that drowning is a good thing; that we are going to let 2 percent drown; that raising taxes is bad if it happens to everyone--it is a cliff--but it is OK if it only happens to one or two people, and maybe you do not know them, and maybe they are rich people and we don't care. Does anybody work for rich people? Does anybody know somebody who works at a car lot selling expensive cars but that person only makes $40,000 a year but he sells cars that are purchased by rich people? Does anybody remember the yacht tax? We were going to go get those rich people--had a special tax on yachts. Guess who lost their jobs. The working guy making $50,000 and $60,000 a year, because the rich people went to the Bahamas to buy their yachts. This is not about getting rich people.…
Source
govinfo.gov




