On the recordJanuary 9, 2007
I want to just talk about a real world experience. There is a family, Mr. and Mrs. Smith living in my hometown of Hollidaysburg or maybe even Youngstown, Ohio, or a small town in Florida or California; that person, Mr. and Mrs. Smith making $40,000 combined income, if these tax cuts are allowed to expire, they are going to pay about $2,100 more in taxes a year. And there are some people in this country who may think that $2,100 isn't a lot of money; but for that family struggling in Youngstown, Ohio, $2,100 a year, if you put $2,100 in the bank every year, at 5 percent interest return on that $2,100 and you invested it every year for 10 years, that turns into over $30,000. That is a good nest egg for that family to put their son or daughter through college or pay a good chunk of that if you are going to a great State school. So these things are serious, they are real life.
Source
govinfo.gov




