Jeb Hensarling: “Mr. Chairman, I think it is very important for all the American people who are following this debate, we always hear…”

“Mr. Chairman, I think it is very important for all the American people who are following this debate, we always hear these claims that all we're going to do is somehow tax the rich. Well, again we've heard the gentlelady from California say that this budget balances, but according to the Congressional Budget Office, headed up by a Democrat, their appointee, the only way that that budget balances or any of the Democrat budgets balance is by huge automatic tax increases that will take place over the next few years. And under the tax increases that will take place in current law, you're going to have 116 million taxpayers see an average tax increase of $1,800 a year. More than 6 million low-income individuals and couples who currently pay no tax, no tax, will no longer be exempt. Approximately 48 million married couples will face an average tax increase of $3,000 a year. Low-income families with one or two children will no longer be eligible for the refundable child tax credit in 2011. Roughly 12 million single women, and we know that often to be poor in America is to be a single mother, 12 million single women will see their tax increases by $1,100 per year. And again, don't take my word for it, go to the Congressional Budget Office and look at the numbers and their impact on all the different tax brackets.”