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.
Editor's note · Context
The speaker discusses the implications of a new tax on unearned income and government spending.
Share
More from Patrick J. Tiberi
On rollcall Nos. 517 (On Passage of H.R. 3697), 528 (On Passage of H.R. 3354), and 529 (On Passage of H.R. 3284) I did not cast my vote. Had I been present, I would have voted ``yea'' on all three votes. PERSONAL EXPLANATION
I thank Chairman Brady and Speaker Ryan for their leadership. Mr. Speaker, to the previous gentleman, I say Mr. and Mrs. America would be stunned to know that, to keep current policy in place, we have to raise taxes to keep tax cuts, some…
What a journey. What a journey. It is a journey that I got to join after I was elected to the House in November of 2000. My first real interaction with you, Mr. Speaker, you might remember, you were the incoming chairman of the Committee…
On rollcall Nos. 611 (motion to suspend the rules and pass, as amended H.R. 1219), 612 (motion to suspend the rules and pass, as amended S. 3028), 613 (on passage of H.R. 5143), 614 (motion to suspend the rules and pass, as amended H.R…





