Ron Kind: “That is over next year alone. Just to put this in context, the entire national debt in 1980 for the preceding 200 years…”

“That is over next year alone. Just to put this in context, the entire national debt in 1980 for the preceding 200 years was roughly $900 billion, and they are proposing to have a $1 trillion increase in the debt ceiling in 1 year alone. This was not economic stimulus that he signed into law. It was major structural tax reform, and it should be referred to as such. And no less an expert on capital accumulation in this Nation and the world, Warren Buffett has also weighed into decrying this tax cut. He says there is something fundamentally unfair with a tax cut proposal which will reduce his marginal tax rate, Warren Buffett, who is worth about $55 billion, will reduce his tax rate to roughly 5 percent when the receptionist in his own office has a marginal tax rate of 30 percent. Even Warren Buffet says that is not fair; that is not the values that reflects our great Nation. But that is what this tax cut was about. A major restructuring of the Tax Code, who is going to pay and who is going to be left on the hook. And, unfortunately, again, no less an expert on capital accumulation than Warren Buffett, he says it does not fly and it is very troubling.”