Conference Report on H.R. 3630, Middle Class Tax Relief and Job Creation Act of 2012

Floor Speech

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Mr. SCOTT of South Carolina. Madam Speaker, my good friend on the left, Mr. Hastings, talks a lot about taxes this morning, and that's probably an appropriate conversation to have.

I will say, however, that as we examine the facts around the capital gains tax, let us not forget that President Clinton lowered the capital gains tax from 28 percent to 20 percent, according to the American Thinker. But we also have to keep in mind that the most tax-driven piece of legislation in the last 3 or 4 years is, in fact, the folks on the left and the national health care reform, a $500 billion increase of taxes and fees on the middle class.

Let us not get lost on the fact that those on the left continue to find ways to tax the middle class.

When I think about the notion that we're going to have a conversation about taxation, it kind of gets me excited. I'm looking forward to this opportunity to debate the worthiness of the payroll tax deduction and how both sides have come together. This is a good thing; we've found some common ground on the issue of the payroll tax. But where we will not find common ground is on the issue of slicing taxes for the middle class.

My friends on the left, they talk a good game, but they don't walk the talk. Because when you look at the national health care program, you must concede that $500 billion of new taxes is a bit much for the middle class. You must say that the surtax on investment income--another $123 billion to start 11 months from now--that is a pain for the middle class. It's a pain for the middle class.

When I think about the excise tax on comprehensive health insurance plans--$32 billion just a few years away. When I think about the hike on Medicare, another payroll tax--$86 billion of new taxes starting in another 11 months. My friends on the left, they seem to have this concept that if we just wait a little while, the American people will forget who, in fact, is raising the taxes on the middle class.

I would say that my good friend from Georgia wants to chime in on the debate, so I'm going to yield, Madam Speaker, 3 minutes to the gentleman from Georgia (Mr. Gingrey).

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