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Rep. Garrett: We Can’t Tax Our Way to Prosperity

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    Rep. Scott Garrett, (R-NJ), on the fiscal cliff negotiations.

  • Duration 3:37
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That something is going to happen we take it right now.

To the Russell rotunda where rich -- all day long has been at its sinking -- -- -- lawmakers tell -- we've got -- what you're talking about what you are hearing.

Well -- this is the framework of the deal that they're discussing right now is Peter just detailed.

The sequester the automatic spending cuts that's the outstanding issue but this is what they've locked up so far.

In come.

Rate of 400000 dollars a year 450000.

Dollars a year all exempt.

From tax increases.

As for capital gains and dividends they -- the same for those income amounts of less than that -- a 20% for that.

Above that permanently passes the Alternative Minimum Tax -- -- tens of millions of Americans don't pay the AMT estate tax goes to 40% with a five million dollar exemption.

-- another one year extension of long term unemployment benefits.

And -- right now the issue is those spending cuts the automatic spending cuts -- 94 billion dollars known as the sequestered.

With that we bring in a Republican congressman from New Jersey congressman Scott Garrett thanks so much for joining us with the framework -- just detailed TV think something you can get behind.

Well you know the president has repeatedly famously said that we can not cut our way to prosperity.

And of course the flip side of that I think is even more -- -- and that is that we cannot tax our way to prosperity and although that that they said McConnell said that the tax portion of this bill is already.

Worked out an agreed upon if you think about it.

What are they really agreed upon they've agreed upon.

Taxing small businesses continuously.

And -- some announcements that continuing for the tax preferences for all the large businesses so large businesses get.

-- easy Scot free on the situation and your small businesses and then in town have see their taxes go up over the -- -- for fifty level.

I don't think that's a way to bring us to prosperity that's not a way to create more jobs not found a way to turn the economy around some of the calculus -- -- tomorrow all the rates go up in this is now a tax cut starting in about thirteen hours -- so so there -- have -- -- any real easy that we could have done a month ago and that is simply say let's keep the tax rates where they are right now.

For every one for you me everybody out there who's listening keep their rates exactly where they are and then we can get to the other half of this equation the larger half of this equation that is the spending side.

That we have to be look at this -- -- what are we doing to our kids and our grandkids are children.

We're putting this burden even with this Britain the president's proposal.

Of higher taxes and more spending on our future generations that's the wrong thing to do that's an immoral suggestion for -- country do you think this framework could pass the house.

Well for so we have to see whether actually passes the senate -- -- as we just heard is the although they thought they reach a deal over there on the tax equation isn't rumors coming out is that the president.

Just as he did on the tax equation earlier continues to raise the -- as we get closer to the end game they always seemed like from day one that the president really didn't want to do this before the end of the day before the -- the deadline and once again maybe he's living up to that.

To that rumor.

Even in this framework as it exists.

As a framework is is this on the tax -- I go back we we cannot.

Tax our way to prosperity we -- put an additional burden on this economy and still do nothing on the spending side of the equation and think that we're gonna help out the average middle class American in this country.

-- congress -- doctor from.

Jersey Republican thanks so much for joining us are gonna need.

-- like the congressman's to get something like this done but again the negotiations the leadership level continuous right back -- Do us a favor -- -- camera up and anytime you see anybody just grab them get them in front of this camera because they are our elected officials and they have to answer to our viewers so thank you so much.

Thank you -- representative Scott Garrett let's get right.

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