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Mr. ROSKAM. I thank the gentleman for yielding.
I would like to pause and just listen and think through a couple of the arguments that we've been hearing over the past couple of weeks from our friends on the other side of the aisle and from the President of the United States, and one is that people should pay their fair share. Now, that's an interesting argument, Mr. Speaker, and let's look at that a little bit closer.
So, if the President's will were to prevail on this, in other words, if this tax hike goes into place, then the top tax rate for some small businesses would be over 44 percent. Now, contrast that to the top tax rate that President Obama is proposing, which would be 28 percent.
All afternoon you are going to hear a lot of things go back and forth, but you won't hear anyone contradict those numbers and that disparity, Mr. Speaker, because they are true. There is no sense in telling corporations, You get a 28 percent rate, and the top rate for small business is 44 percent. There's nothing fair about that.
All right. Well, let's look at another argument.
Another argument is that this somehow closes a budget gap and this is deficit reduction, and we're all about deficit reduction and let's have at it. Well, a little secret on the deficit reduction is, at best, the most generous estimate is this would take care of--what?--maybe 7, 8, 9, 10 days of spending, maybe. But who would pay the cost for that? I'll tell you who pays the cost for that. The job creators and the people that are looking for jobs right now, Mr. Speaker, according to Ernst & Young and others that have looked at this. Some estimates are that it would cost 700,000 jobs.
Now, I know nobody that is willing to say, You know what? We've just got too many jobs. Let's just thin the herd. There are too many people working. Let's thin the herd. There are too many people working. And let's do it because of Democratic dogma.
We have got leading Democrats on the other side of the rotunda who have said, Let's embrace the fiscal cliff. Let's just grab onto the dogma and go right off the cliff, regardless of the outcome.
Well, you know what? That's ridiculous.
And we have an opportunity here to make some certainty to move to the next year--not to move to the next year just for the sake of another year, but to move to next year to fundamentally reform our tax system, to create a more competitive Tax Code that is broad and fair and wise and well thought out and that does what--that creates the most competitive Tax Code in the world right here in the United States. Mr. Speaker, it could be great. We could have a great Tax Code, but what we've got to do is create a year of certainty to move forward.
I urge passage of this.
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