Excerpt from last night’s Kudlow & Company.
KUDLOW: The House has passed a budget resolution for the next five years. The Senate is passing one too. It’s going to go to conference. That does not include extension of the Bush tax cuts for investors, capital gains, particularly, and dividends also. That’s going to be a tax hike. What’s your take on this? Is there any recourse left, or is this just going to go through?
REP. ADAM PUTNAM: Let me give you the highlight video here. The Democratic Congress, in their first four months, are retasking our intelligence agencies to track polar ice caps instead of al-Qaeda. They’re trying to send a message to the Iraqi government by cutting off funds for American troops. They are raising taxes by the largest increase in American history. The second largest tax increase in American history was done under Clinton’s administration. They are eliminating the rate relief that we have provided for families, for family farmers and small businesses, and most importantly, for investors that are contributing to a mind-blowing, record breaking economy. That’s what they’ve been able to produce in four months.
Raising tax rates slows the economy, diminishes revenues, and widens the budget gap.