Bob Kerrey: “I think one of the points we need to make to citizens who are watching this is that in the great tax debates that go…”

“I think one of the points we need to make to citizens who are watching this is that in the great tax debates that go around this Capitol, very often what we are talking about when we are talking about taxes is income taxes; people are debating taxes. For the median family of four--a husband, wife, and two children--they will pay about $2,700 in income taxes, a $34,000 median family. They will pay $5,400 in payroll taxes. So for them, the payroll tax is the largest tax. The income tax is a smaller tax and a smaller burden on them than the income tax is. So perhaps one of the reasons, when we debate tax cuts, that $60 billion over 5 years seems relatively large is that people have not paid attention, as they should, to the payroll tax. I just urge those who are wanting to give Americans a tax cut to look at this proposal seriously, because this is the biggest tax cut proposal anybody has put before this body that I have seen in recent memory.”