Paul Ryan: “I appreciate that comment. That is what is so crazy about this arcane rule in the other body that was forced into this…”

“I appreciate that comment. That is what is so crazy about this arcane rule in the other body that was forced into this legislation that sunset this tax cut in the year 2011. If this legislation that we are now proposing does not pass, on the year 2011, the estate tax goes from zero to 55 percent. The education IRAs go from a $2,000 limit back down to $500. The IRAs, individual retirement accounts, go from a $5,000 per year limit back down to $2,000. 401(k)s go back from $15,000 per year down to $10,500. The marriage tax penalty comes back to haunt us. All of those things that we will have been accustomed to over the decade, all of those tax inequities, marriage tax penalty, estate tax, taxing small businesses at a higher rate than corporations, all will come back in that one year to sock it to the American economy. That is one thing that I think we need to bear in mind. What is this going to do to our economy? I hear it from so many small business members and entrepreneurs and farmers in my district, that they say, we cannot plan appropriately for the future.”