The Budget 2023-24 had lowered India s highest rate of income tax from 42.74 per cent, by reducing the surcharge applicable on high net-worth individuals.
have had in place since 2003, so for about eight years now, recently as 2007 with the current tax rate structure that we have, we had a budget that was virtually balanced. total deficit 1.2% of gdp. spending back then was 20% of gdp. since president obama took office and the democrats took control of congress, spending has exploded. the serial bailouts, missive stimulus to the point where government is now closer to 25% of gdp, it s a 25% increase in the size of government overnight. that s the problem. we have a spending problem. the president acknowledged the health care portion is the driver of this problem. that s true. you could double everybody s income taxes tomorrow and we would be running a $300 billion deficit. senator, excuse me, federal revenue as a share of the
they blame the republicans, because pat knew exactly, and he and we got some great people on that expr committee and pat set up a framework, he thought they had a deal with at whreeft three democrats and after the the democrats went to their leadership, they came back saying we can t reach a deal. gregg: after saying we re not going to agree to revenue increases, republicans said you know what, we will agree to $300 billion in revenue increases through closing tax breaks and loopholes, changing the tax rate structure and so forth which dick durbin, number two democrat, said was a huge breakthrough. it was. gregg: now it looks like democrats don t like this. what do you think of that proposal? i think they went back to their leadership it s very obvious. for the gamesmanship they re playing, they go back to the lead shupped and the leadership says no, no, no, we don t want an agreement, we want the cuts to medicare so we can blame the republicans, otherwise, we go into an electi
that the business sector is the engine that drives economic growth. that is one of the guiding principles for the plan that you mention that i have put on the table called 999. chris: we will get to that in a minute. my point is the business sector, this president continues to come up with ideas that is going to punish the business sec he tore and slow down the business sector. as representative ryan mentioned it will create more uncertainty for the business sector. we don t even know what the tax rate structure is going to be at the beginning of 2013 and that is less than a year and a half away. uncertainty is killing this economy, chris. chris: what about the idea that the president is offering let s cut the payroll tax rate not just for employees but employers as well and give a tax credit to businesses that hire, small businesses that hire new people or give a raise to people already on the payroll. cutting the payroll tax by 50% for employers and employees is too little to
that the business sector is the engine that drives economic growth. that is one of the guiding principles for the plan that you mention that i have put on the table called 999. chris: we will get to that in a minute. my point is the business sector, this president continues to come up with ideas that is going to punish the business sec he tore and slow down the business sector. as representative ryan mentioned it will create more uncertainty for the business sector. we don t even know what the tax rate structure is going to be at the beginning of 2013 and that is less than a year and a half away. uncertainty is killing this economy, chris. chris: what about the idea that the president is offering let s cut the payroll tax rate not just for employees but employers as well and give a tax credit to businesses that hire, small businesses that hire new people or give a raise to people already on the payroll. cutting the payroll tax by 50% for employers and employees is too little to