Chris Van Hollen: “As we have heard throughout the debate, there is a fundamental difference in how the United States grows our economy. I…”

“As we have heard throughout the debate, there is a fundamental difference in how the United States grows our economy. I think if you look, historically, the reason we have grown the economy over time is because, for a long period, especially in the postwar period, as Americans worked harder, they were able to translate that harder work into higher incomes. We are supporting a tax system that rewards hard work. Our colleagues continue to stand by a tax system that actually gives better treatment to what is called unearned income, compared to earned income. In other words, if you earn income simply through making money off of money, you actually get a lower rate than money earned from hard work, like most Americans do every day. When you look at the fact that 17 percent of the tax breaks in the country go to people in the top 1 percent, it is the Tax Code itself that is currently rigged in favor of powerful special interests. Why should it be rigged against working people and in favor of people who can afford to hire powerful lobbyists to get tax breaks for themselves that benefit nobody else? That doesn't make any sense. Today, just today, in the Ways and Means Committee, as I said, the committee that deals with taxes, our Republican colleagues are saying that they want to get rid entirely of the estate tax. Right now, if you are a couple, $10 million of your estate is exempt.…”