Who Is Rich
Floor Speech
WHO IS RICH -- (Senate - March 12, 2008)
Mr. MCCONNELL. Democrats have campaigned hard on the promise of tax relief for the ``middle class.'' They say any tax hikes they propose would only affect ``the rich.''
This, of course, raises a question. Who exactly are Democrats calling rich? Let's take a look.
According to Democrats, the ``rich'' include single workers who earn $34,000 a year. First year schoolteachers in Jefferson County, KY, earn $35,982 a year. I don't think they are rich.
According to Democrats, couples are rich if they earn $63,000 a year. I doubt that couples with children who make $63,000 a year think that they are rich.
The fact is, under the Democratic plan, a lot of people will wake up happy to hear they are rich, only to realize the only change in their lives is a hefty tax sock to their wallets. So much for the good news. It is what Patrick Moynihan might have called ``defining wealthy down''.
But there is a purpose behind the rhetoric. Democrats couldn't support their $1.2 trillion in spending--and the largest tax hike in history--unless they cast their tax hike nets far and wide.
So they have proposed to raise taxes on tens of millions of individuals and families that they call ``rich.''
Under the Democratic plan for taxing the ``rich,'' a single mother who earns $45,000 a year would see her taxes go up.
Under the Democratic plan for taxing the ``rich,'' 7.8 million low-wage earners will be added, back to the tax rolls, workers who are now considered too low-income to pay any income tax at all.
Under the Democratic plan for taxing the ``rich'', 43 million families would be hit with an average tax increase of $2,300 next year.
These are the people that Democrats in Washington are calling ``rich''--folks who would laugh if you told them that after a monthly budgeting session around the kitchen table.
One would think that as the economy slows and fears spread about the cost of fuel, health care and food rising even higher, our friends on the other side could resist reverting to type.
The last thing middle-class families can afford is a higher tax bill this year.
So as the debate over the budget continues, let's be clear about who will be picking up the tab for the largest tax hike in U.S. history. It is not just the rich.
I yield the floor.
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