Mike Johnson

I hope that we can find the additional funding to let you continue to provide that good service.

I appreciate you all being here. Chairman Davis and I are interested in improving the system, if we can, and helping the people out there that need help.

Those receiving disability benefits who want to work are looking for a hand up, not a hand out, to help them achieve a better life for themselves and their families. Now, more than ever, how every taxpayer dollar is spent matters. Programs…

Do you not believe that cutting the capital gains tax rate, as Congress did in 2003, can have a positive macroeconomic impact?

Seniors are urged not to carry their Social Security card to protect their Social Security number, but at the same time are being told they must have their Medicare card with them at all times in order to get health care. This makes no…

Well, I am told that docs aren't even going to school anymore because it doesn't look like a profitable profession.

But that is costing you and me more when we go to the hospital.

I don't see any reduction in cost.

I actually would echo again what President Bush's advisory panel said, which is they came out strongly against FairTax or national sales tax.

But one ironic effect would be to make the private sector much, much smaller. Therefore, government as a share of GDP will become bigger while GDP was getting smaller.

Yes, Mr. Rangel, that is my opinion, because government debt as a triple A rated securities, the basis of our credit system, so much of the private sector depends on credit one way or another.

But the other thing, it provides a more stable funding for Social Security, because it is based on the consumption that all of us make, not just the wages that wage-earners are making, which is, I think, another good reason for the fair…

Thank you, Mr. Chairman.

Should revenues be part of the debt limit discussion, as we start to discuss how we move forward in dealing with our deficits and our national debt?

It is absolutely essential that the United States remain a beacon of safety and clarity to international investors.

I think you should focus on moving towards a value-added tax system.

We don't know what happens, but we don't want to find out.

In any situation where a fiscal adjustment is required, such as in the United States today, I would suggest that you look at both revenue and expenditures.

My advice, sir, would be simple, the same advice as Christine Legarde, the new director of the IMF, has given to the United States, which is you need to extend the debt ceiling.

We shouldn't do it. I hope we don't do it. It would be very bad for the economy.

Yes, that is kind of double taxation, isn't it?

That is a systemic risk. That is pollution. That is a negative externality you should be taxing on.

Excessive leverage in the financial sector. You could be steeply progressive on this.

I think that bringing the corporate rate down would go a long ways towards eliminating the bias that currently exists.

I am proposing that you tax excessive leverage, because that is what generates the big negative.