Senator Kennedy's speech


Sen. Chuck Grassley, ranking member of the Committee on Finance, made the following comment in anticipation of Sen. Edward Kennedy's planned speech this afternoon. Kennedy is expected to call for dismantling many of the tax cuts enacted through bipartisan tax relief legislation last spring.

"First, I don't think Senator Kennedy's numbers add up. I'd like to see how he thinks he'd get $350 billion. Increasing taxes on upper rates, as well as the estate tax, doesn't get $350 billion, so where's the money coming from? He'd have to increase taxes in other areas to reach that number, including middle income rates or even pension and education tax benefits, child tax credits and marriage penalty relief. Second, millions of Americans are losing their jobs in this recession. Nearly two million people alone are losing their jobs because of Sept. 11. If the Democrats succeed in raising taxes, they'll cost even more Americans their jobs. I believe the American people will oppose Senator Kennedy's bad idea, and it won't gain traction in the Senate."