Max Baucus: “I think it is important to lay a few facts on the table. The Senator from Oregon did a good job making this point clear…”

“I think it is important to lay a few facts on the table. The Senator from Oregon did a good job making this point clear, but I think, frankly, very few people in the country understand this point, this debate. To be honest, I think there are a good number of Members of the Senate who do not understand this point; the point being that under my amendment, for those individuals who earn $200,000 or less, their tax cut is permanent. Under that amendment, it is important to remind all of us that every individual will get a tax break regardless of their income; that is, every individual who has more than $200,000 of taxable income will receive a cut of at least $5,400. So if you are above $200,000, you still get a tax cut; you get a tax cut as an individual of about $5,400; and if you are a couple, it is probably close to double that. That is under my amendment. The same is also true under the Schumer amendment. Under the Schumer amendment, for those who make $1 million, their tax cut is going to be about $40,000. Even though the cutoff is $1 million, those who earn more than $1 million will get a tax cut.”