On the recordAugust 1, 2012
Madam Speaker, I just want to make sure that I note once again, reinforce the fact, that this 1-year extension that we are suggesting on the right is in fact an extension of not only the 2001 and 2003 tax cuts, but also the tax cuts that passed this House in 2010 in a bipartisan fashion. There is no doubt that an action not to extend these tax cuts is actually increasing taxes on many people in this Nation. {time} 1250 And, in fact, if we do extend these tax cuts, what we are actually doing is allowing current tax law to stay in place. But if we don't do that we are talking about 9 million seniors, 68 percent of whom make less than $100,000, seeing their dividend income go up in taxation by 185 percent. That's the middle class. We're talking about how the marriage penalty will place a $591 higher tax on over 88 million families. That's the middle class. We're talking about a reduction in the child tax credit that will pose a $1,028 tax hike on 31 million families. This looks like to me that my friends on the left are willing to tax the middle class and the poor. Madam Speaker, I yield 4 minutes to the gentleman from South Carolina, Mr. Trey Gowdy.
