Michele Bachmann: “I cannot look 20- and 25-year-olds in the eye and in good conscience say to them, ``This stimulus bill will be good for…”

“I cannot look 20- and 25-year-olds in the eye and in good conscience say to them, ``This stimulus bill will be good for you.'' It will not. Why? Because kids born during that time period already are inheriting a huge tax bill. Studies have been done. In my postdoctoral studies that I did in tax law, what my research showed is that, by the time they reach their peak earning years, 20- to 25-year-olds will have to pay a tax burden. Just the Social Security portion of their tax burden will be about 25 percent of their total income. That does not include the Medicaid portion of their tax bills, the Federal tax portion of their tax bills, the State portion, their property tax, their gas tax, their local taxes. By the time all of it is added up, the estimates are, in their peak earning years, that 20- to 25-year-olds could be paying anywhere from 70 to 85 percent of their income in taxation. You heard me right. They could be paying 70 to 85 percent in taxation. That cannot happen. We will see a revolt in this country before people get out of bed in the morning to go and hand over 70 to 85 percent of their checks in taxation. We can not do that to the next generation. We can not impoverish them by taxing them against the wall.”