On the recordMarch 19, 2010
For the very first time, it taxes payroll for that unearned income at 3.8 percent. So 3.8 percent for the very first time on unearned income. And it actually raises by .9 percent, almost 1 percent, earned income on the payroll tax. I'm going to add just one other mention to this. In Washington, D.C., we're spending $1 trillion dollars. The Democratic bill spends $1 trillion dollars to save money. Kind of an oxymoron. Only in Washington, D.C., can we spend a trillion dollars to save money. It's kind of like being in a hole and trying to get out and digging the hole deeper. That is the analogy I would use. I thought the President did a wonderful job. And the President said, This thing should be bipartisan. There are things we agree on. We should work it out.
