On the recordApril 16, 2008
What they wanted to do was have a budget that was just going to keep the focus on spending and taking more out of the taxpayers' pocket. And in order to get to their number, their desired number, the $683 billion tax increase that's going to take place over the next 5 years, what they are willing to do is to have those income tax rates go back up, the marginal rates go to 39.6 percent, which will affect so many of our small businesses. And as you so rightly stated, 70 percent of all the jobs in the country come out of the small business sector. Capital gains, which are very important to our senior citizens, those that are living on retirement income, who have worked hard, who have built a nest egg, who have saved, we are going to see that go up to 20 percent. The death tax is one of those taxes that I think is so egregious because you acquire something, you pay tax. You earn the income and you pay tax. You make an acquisition and you pay tax.
Source
govinfo.gov




