Patrick J. Tiberi said "So in 2014 they'll be entering kindergarten, and that is when the benefits will begin. However, the tax increases will begin right away. And in fact, the Senate bill not only increases payroll taxes, but now we have a reconciliation bill that increases or begins taxing on the payrolls of American workers for the very first time unearned income. So when we are trying to convince Americans to save more, now suddenly their annuities and their interest income from a bank and their retirement accounts and all of these other things, rents, are going to now be taxed for the first time on payroll taxes." @ PoliticalQuotes.com

On the recordMarch 19, 2010

So in 2014 they'll be entering kindergarten, and that is when the benefits will begin. However, the tax increases will begin right away. And in fact, the Senate bill not only increases payroll taxes, but now we have a reconciliation bill that increases or begins taxing on the payrolls of American workers for the very first time unearned income. So when we are trying to convince Americans to save more, now suddenly their annuities and their interest income from a bank and their retirement accounts and all of these other things, rents, are going to now be taxed for the first time on payroll taxes.

Said by

Patrick J. Tiberi

Ohio

Source

govinfo.gov

Editor's note · Context

The speaker discusses the implications of tax increases related to a Senate bill.

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