John Cornyn: “First of all, in the fiscal year 2008 budget, the budget anticipated an increase in revenue--which is Washington speak…”

“First of all, in the fiscal year 2008 budget, the budget anticipated an increase in revenue--which is Washington speak for a tax increase-- of $736 billion that would be needed in order to meet the demands of that budget. Of course, we all know whom those tax hikes fall on. It is the middle-class families, the farmers, the entrepreneurs, the people we need in this country to remain productive and remain incentivized to keep our economy and job creation humming. Considering the economic situation we are in today, the last thing the Federal Government should do is increase taxes and create a wet blanket of deterrence on those very entrepreneurs and people who create the jobs. One example is, last year you will recall that Congress waited until the last possible moment to pass temporary tax relief, relieving the middle class from the alternative minimum tax--a tax that more and more middle-class families will soon pay.”