Ms. FOXX. The President is hitting the road this week for yet another tax increase on hardworking Americans. He already raised taxes just 8 weeks ago. Why the sudden urge to do it again?
The President says this is the plan to replace his sequester that's scheduled to hit on March 1, but the President and the rest of the Democrats who run Washington apparently haven't figured out that we cannot tax our way out of this mess. Tax revenues are set to double over the next decade, and top tax rates have hit their highest levels since 1986. We are already taxing wages and salaries at rates as high as 44 percent.
We need to replace the President's sequester with commonsense spending cuts and reforms, not more taxes. The House has acted twice to achieve this, and now the President needs to put forward a serious plan.