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Senate Proceeding on Mar 23rd, 2010 :: 4:08:50 to 4:13:30
Total video length: 8 hours 15 minutes Stream Tools: Stream Overview | Edit Time

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Sam Brownback

4:08:43 to 4:09:03( Edit History Discussion )

Sam Brownback: amendment. i think this makes sense. it's -- the senator from idaho helping the president fulfi a campaign promise. it made sense to everybody across the country. now i looked at it and i said i don't think we should raise taxes, period. i think it's taking money out of the economy. he said, raising taxes on people

Sam Brownback

4:08:50 to 4:13:30( Edit History Discussion )
Speech By: Sam Brownback

Sam Brownback

4:09:04 to 4:09:25( Edit History Discussion )

Sam Brownback: making under $200,000, many people who heard it thought, that's not me. i'm going to vote for it. i like that idea. i will take a particular piece of this bill that we wrestled with and that is the issue on the alternative minimum tax. it was supposed to be a tax on

Sam Brownback

4:09:26 to 4:09:46( Edit History Discussion )

Sam Brownback: wealthy people avoiding income tax and we put it in place and it was people who are wealthy shouldn't be able to plan a way to get out of paying income it would be an alternative minimum tax and it is not indexed for inflation over time. and so now we get 10 years later on that and all of a sudden

Sam Brownback

4:09:47 to 4:10:08( Edit History Discussion )

Sam Brownback: there are a number of people because of inflation happening over a period of time that get brought in and under the alternative minimum tax to where we fight about it in this body. how we're going to do the a.m.t. fix, that's an annual debate here. this tax on medicare plans or the health care reform plans

Sam Brownback

4:10:09 to 4:10:30( Edit History Discussion )

Sam Brownback: where, ok, it's not supposed to tax people who make below $200,000, which i agree with, even though there are pieces where it does. over a period of time there will be a large number of people making over $200,000 or below who get taxed because of inflation. and we're looking at situation

Sam Brownback

4:10:31 to 4:10:51( Edit History Discussion )

Sam Brownback: in the country now with the monetary policy, lots of money out in the money supply with the federal government's excessive spending, huge amounts amounts, $1.5 trillion in deficit, that the likelihood of inflation coming along is pretty high. maybe it doesn't go this year, but it does next year. we normally run around a 3%

Sam Brownback

4:10:52 to 4:11:13( Edit History Discussion )

Sam Brownback: inflation ratenyway. you get that stoking up and here's the chart the joint economic committee staff has done, what happens over a period of time when you don't ind for inflation, which this bill is not indexed for inflation. so all of sudden you end up having middle class and people currently determined as poor actually pay the wealthy tax

Sam Brownback

4:11:14 to 4:11:35( Edit History Discussion )

Sam Brownback: because of the index -- with the lacks of indexing for inflation over time. so you end up over a period of time having people currently classified as poor paying a wealth tax unless you pass something like the crapo amendment that says if you're making below this figure, you don't get taxed. you don't get taxed.

Sam Brownback

4:11:36 to 4:11:56( Edit History Discussion )

Sam Brownback: this ends up being pretty substantial and number of people over time to the point that you're going to have a large group, again this is joint economic committee, for every low to middle income family with a tax cut, three low to middle income families have a tax increase. the president said, that's not what i'm going to do.

Sam Brownback

4:11:57 to 4:12:17( Edit History Discussion )

Sam Brownback: i'm not having to raise taxes on people who are low or middle income. unless you pass the crapo amendment, you're going to have this taking place. i think this makes sense overall to -- it doesn't kill the bill, it is signed into law as senator crapo pointed out. i think it should be repealed. but i certainly think we

Sam Brownback

4:12:18 to 4:12:40( Edit History Discussion )

Sam Brownback: shouldn't have people taxed making below $200,000. we shouldn't have them taxed now. we shouldn't have them taxed into future. even though that is now built into the bill and part of it's paid for provision. but let's be sincere with the american public. let's fulfill this piece. and unless you pass the crapo amendment, we're not going to be

Sam Brownback

4:12:41 to 4:13:01( Edit History Discussion )

Sam Brownback: able to guarantee that to the american public. i think this is a very commence amendment. i think -- commonsense amendment. i think it is one that is honest with the american public. and it is certainly one that i hope we can pass. and i would ask my good friend

Sam Brownback

4:13:02 to 4:13:22( Edit History Discussion )

Sam Brownback: from from -- as you put this forward, has the administration sd, yes, we agree with you because this is what we said on the campaign trail and this only fulfills the promise? maybe they offered you an executive order that you could

Sam Brownback

4:13:23 to 4:13:30( Edit History Discussion )

Sam Brownback: get this by executive order. mr. crapo: i say to my colleague from kansas i have not had any direct contact with the white house.

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