Political Quotes

“That is a good question. I tell my friend from Alabama that it amazes me how much our friends on the other side are hard wired to increase taxes. As the ranking member knows, if current tax policy is left in place, including today's low rates, family tax relief and the alternative minimum tax patch, the Congressional Budget Office tells us revenues will trend to the historic average of 18 percent of GDP. The President moves revenues up to record highs as a percentage of GDP. Last year it was about 25.3 percent. The last time we had that was in 1945, at the end of the Second World War, at the height of it. Now, the tax increases contemplated by the President's budget will mean half of the small business flow-through income will be hit with a marginal tax rate of 17 to 24 percent on top of the regular tax rate. Democrats and Republicans agree the small business sector is the key to job creation. Seventy percent of the jobs are created by small businesses. The top marginal rate on capital gains income will rise to 59 percent in a little over 18 months under the President's budget. That will drive down aftertax rates of return on investments. Is that policy a path to recovery? I don't think so. I don't think anybody else who looks at it with any degree of intelligence thinks so. That is another reason we need to engage in the budget process in the committee, and I have to say that I am appreciative of my friend's leadership on that committee.…”