Kay Bailey Hutchison: “These are people who have done the right thing. They have saved. They have tried to make sure they didn't need any kind…”

“These are people who have done the right thing. They have saved. They have tried to make sure they didn't need any kind of government handout. They have earned Social Security--and that is not a government handout--and they want to know they can make it living the lifestyle they want to live because they have saved. But here we are talking about raising their taxes on the dividends of any stock they might have invested or might have been in their company 401(k) plan, and we are talking about raising the capital gains rate. In fact, the dividends rate could be as much as 39.6 percent. Nearly forty percent on dividends is going to kill a plan for retirement, and it is just not right to change the rules when we have had a lower dividend tax rate or capital gains tax rate for people who have done the right thing and saved for their own security. That is what will make a strong economy, and for our retirees to be able to get the rest they deserve. What about married couples? One of my longstanding priorities in the Senate has been to make sure we have a level playing field on deductions of State and local taxes. Some States have income taxes, some States have sales taxes, some have both, and a few have neither. But for those who have both, we give them the choice of a sales tax deduction or income tax deduction. That means on their Federal income tax they don't pay taxes on the taxes they pay.…”