Rep. Dreier on 'Taxmagedon'
Multiple tax breaks set to expire soon
- Duration 4:26
- Date Jun 14, 2012
Multiple tax breaks set to expire soon
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-- battle between the could be January 1.
And the place might be your house.
Was on January 1 2013.
About 500 billion dollars in tax breaks are -- -- -- expire all at one time.
-- -- increase the tax rates for every American by at least 5%.
Child tax credits be cut in half the marriage penalty is not a return.
Dividends tax that's gonna more than double and when you add it all up it could lead to economic disaster.
And by the way the ones who are going to be hit the hardest aren't the millionaires that President Obama loves to -- -- but rather low and middle income Americans.
Now is there any way to present prevent this -- -- gotten.
Join me to talk about it -- California congressman David Dreier congressman thanks for being with me today.
-- coming economic disasters if our debt wasn't enough explain why this is.
Really looming upon us this tax and again.
When you've gone through just a few of the items -- Mike and I will tell you you have to add to that the fact that 25 million Americans.
Who were earning 33000.
Dollars as individuals 45000.
Dollars as couples.
Will be shouldering an additional tax burden through the Alternative Minimum Tax because they're gonna be included in that in so you're right.
All the way across the board everyone is going to be impacted I had you're.
Fellow musician and fellow former governor Jon Huntsman in my area office in the capitol yesterday and we were talking about the juxtaposition.
Of Ronald Reagan's economic growth plan to Barack Obama's and I.
Enjoyed your pointing to the fact that it's about me with -- Obama it's about you with President Reagan and your opening salvo there which is.
Right on target this has been called the worst economic slowdown since the Great Depression we continue to hear that over and over again the media.
But we have to look at why that is the case.
When Ronald Reagan was president he put the place is pro growth economic policies and my staff and I.
The other day started looking at a juxtaposition of where we were in the spring of 1984.
Is Ronald Reagan was facing reelection.
And where we are today Mike and in 1984.
The spring of 1984 we had.
An eight point 5% gross domestic product growth rate and we know that today is an abysmal 2%.
So we know which prescription works and obviously.
We have failed to use the right one and the prospect.
As you point out of seeing a massive tax increase on working Americans and job creators.
Would I create -- obviously create even more devastation to our economy.
And it's just plain wrong -- and US what we're gonna do about it will speaker Boehner is made a commitment that we.
In this Republican congress are not -- increase spending we're going to do everything we can to ensure.
-- we don't see that increase in race sold that Chandler and Scarlett aren't gonna be saddled with this humongous.
Multi sixteen trillion dollar debt for the future.
Well on behalf of -- Lawrence -- let me thank you for being worried about their future because I certainly am.
Is there -- price -- out of every day I think about him every day Mike congressman is there a chance that we can actually get the congress.
On a bipartisan basis.
To stop what really would be devastating impact on families regardless of their income level.
Well I mean remember if you go back when the last time we saw this proposed increase in taxes go into effect.
We saw bipartisan agreement in fact even -- Obama agreed with us the question is.
Are we gonna be able do it now well in the midst of their class -- for us vs them campaign.
But we're obviously seeing them attack job creators and those were the so called rich.
And I think that.
Because of politics is gonna be tough but there will be some Democrats again to this to the fact that people earning 33000.
Dollars a year.
We're going to be brought into the Alternative Minimum Tax.
They're going to be people who -- gonna recognize the need.
To bring about a change there.
Congressman thank you very much and by the way we know you have -- rush off here on your way to Egypt and we wish -- well there.
For that he first presidential election in 7000.
Years and it's gonna be.
Best wishes and thanks again okay here -- products -- California.