House Minority Leader Nancy Pelosi said Thursday that "tax cuts are spending," a statement implying that wealth created by individuals and corporations belongs to the government to begin with.
"Our whole budget is what, $3.5 trillion? So when we talk about reducing spending, we certainly must, and we certainly have — $1.6 trillion in the previous Congress, $1.2 of it in the Budget Control Act. But spending is also related to tax cuts," Mrs. Pelosi, speaking to the press, said.
"Tax cuts are spending. Tax expenditures, they are called," she continued. "Subsidies for big oil, subsidies to send jobs overseas, breaks to send jobs overseas, breaks for corporate jets. They are called tax expenditures. Spending money on tax breaks. And that's the spending that we must curtail as well."
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