Patrick J. Tiberi: “Well, I thank the gentleman for yielding on this matter and for bringing this up because we've spent a lot of hours on…”

“Well, I thank the gentleman for yielding on this matter and for bringing this up because we've spent a lot of hours on issues right behind you that are not life-or-death issues. Just a couple weeks ago, we spent less than an hour on an issue that deals with tax increases for people who own partnerships. Quite honestly, the way the majority sold it was we're going to tax people who are hedge fund partners. Yet the reality is, if you look at what the Congressional Budget Office said, in going back to your point about commercial real estate, the U.S. Conference of Mayors expressed grave concern about what the majority Democratic Party was doing with respect to carried interest. Real estate partnerships are the most impacted group, and we're going to take their real estate partnership and go from 15 percent to ordinary income. So, next year, which is what you just said based upon the tax cuts expiring, the marginal rates going up, the rate increase and the payroll tax for health care, you're going to see a huge increase in people who invest in our cities, in commercial real estate. At the same time that this problem is going to occur that you've already explained, you're going to see tax increases from 15 percent to over 40 percent for some people.…”