When we were coming up through the ranks, if you had seven to eight kids, which is a lot of kids, you would need an income probably of $70,000 to $80,000. Both parents would have to be working to maintain those families. In that bracket, you would be paying an effective rate of 58 percent on your income tax. And another FICA tax on top of that works out to be an effective rate of 73 percent on the additional earnings.
Discussing the financial burdens on families with multiple children.
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More from Judd Gregg
To get this done, you are going to have to have compromise--compromise on both sides of the aisle.
America is one debt deal away from leading the world out of its economic doldrums.
I think Dr. Rivlin is absolutely correct on both points, and Simpson-Bowles did the same thing that Domenici-Rivlin did, which was to actually increase benefits to single women over 85, and low-income individuals.
The Simpson-Bowles Commission...came to the conclusion that on our present path this Nation goes bankrupt.