Earl Blumenauer: “my Republican friends are shocked, shocked that a tax that they have ignored for 7 years is suddenly going to come into…”

“my Republican friends are shocked, shocked that a tax that they have ignored for 7 years is suddenly going to come into effect. Mr. Neal, Mr. Rangel, and others on our side of the aisle have been claiming this for years. Instead of specious tax cuts for a few, let's deal with the real meaningful problem: they ignored it. The red line that my friend Mr. Ryan had on his chart is the red line that is assumed by the Republican administration to justify their budget. This proposal is not a tax increase. Over the next 10 years there will be exactly the same amount of money collected by the Federal Government. What is different is that there are three provisions that most Americans would say are modest technical provisions, including adjustments to carried interest rates. In exchange for that we will protect 23 million middle-class families from paying the AMT; provide 30 million homeowners with property tax relief; help 12 million children, by expanding the child tax credit; benefit 11 million families through the State and local tax deduction. That is the difference and that is why you should vote for it.”