Joe Pitts: “taxes are a function of spending. If you spend more, you must tax more. The spending budget we passed previously is…”

“taxes are a function of spending. If you spend more, you must tax more. The spending budget we passed previously is predicated on the largest tax increase in American history. Tax increases are coming to all Americans. Tax increases are on autopilot. Without even a vote, tax levels are going to snap back up to the old levels, the levels that existed before the 2001 and 2003 tax reductions. In other words, doing nothing is doing something. One of the reasons for the uncertainty in the market is because people know these tax increases are coming. All marginal income tax rates will increase, capital gains rates will increase, the marriage tax penalty will come back, the child tax credit will decrease, the death tax will jump back up to 55 percent. This will hurt the economy. The Democratic leaders have blocked free trade with Colombia, they have blocked efforts to produce more oil and natural gas resources, they have blocked lower taxes. All this will hurt the economy. People are beginning to call this the Pelosi recession. Maybe they are right.”