Page 6 - 678 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Child tax credit at a thousand dollars per child et cetera. all of those go away. with respect to the upper brackets, it is clear that you are going to clobber small business because the bulk of small business taxes. >> chris: we are running out of time. how are you going to pay the $678 billion just on the tax cuts for people making more than $200,000 a year? >> you should never raise taxes in order to cut taxes. surely congress has the authority and it would be right to if we decide we want to cut taxes to spur the economy, not to have to raise taxes in order to offset those costs. you do ne...

A thousand dollars per child and so on. all of that goes away, and now, with respect to those that apply to the upper brackets it is clear that you are going to clobber small business, because, the bulk of small business taxes are paid -- >> but, sir, we are running out of time, how will you pay the $678 billion, just on the tax cuts, for people over -- making more than $200,000 a year? >> you should never raise taxes in order to cut taxes. surely, congress has the authority and it would be right to -- if we decide to cut taxes, to spur the economy, not to have to raise taxes, in order to offs...

That's 90% of how you get there, what do you make of that? >> it's a big tax budget. the first place, if you look at 2020, ten years out, we're raising in this budget 19.6 of national income, an extra 300 odd billion dollars every year. if you look at the tables included in the budget and add up tax increases, tax increases, subtract cuts, up 1.$2 trillion in new taxes. >> they counter by saying we're focuses on the $250,000 and over crowd. when you tax them, the numbers are big. so douglas's math skews that point. raising the income tax on the top two levels will get $678 billion, the treasur...

>> how are you going to pay the $678 billion just on the tax cuts for people making more than $200,000 a year? >> you should never raise taxes in order to cut taxes. you do need to offset the cost of increased spending and that's what republicans object to. you should never have to offset the cost of a deliberate decision to reduce tax rates on americans. >> this is kyl's statement to reporters in the halls of the congress. "my view, and i think most of the people in my party, don't believe that you should ever have to offset a tax cut." >> now, this is something that is sometimes called belie...

Actually be totally free of cost. >> how are you going to pay the $678 billion just on the tax cuts for people making more than $200,000 a year? >> you should never raise taxes in order to cut taxes. you do need to offset the cost of increased spending and that's what republicans object to. you should never have to offset the cost of a deliberate decision to reduce tax rates on americans. >> this is kyl's statement to reporters in the halls of the congress. "my view, and i think most of the people in my party, don't believe that you should ever have to offset a tax cut." >> now, this is someth...