Schulz: Why were the tax cuts that were passed in 2001 and 2003 not made permanent when they were enacted?

Rep. Walberg: They should have been enacted as a permanent part of the tax code, and I will fight to make them permanent.

Schulz: Supply-siders argue that tax cuts prompt growth that can offset the revenue losses due to rate cuts. Given the way taxes can influence growth, how do we know what the optimal level of taxation should be?

Rep. Walberg: The average taxpayer filing a 1040 spends 30 hours filling out a tax return and more than six in ten Americans now hire someone to help prepare their tax returns every year. The hundreds of billions of dollars spent each year complying with the federal tax code could be used more efficiently by families and small businesses to grow the nation's economy and create jobs. I support tax reform that will make the tax code simpler and stop the billions of wasted hours spent by Americans just to comply with a burdensome and overly-complex tax code.

Schulz: What do you make of recent proposals to increase taxes on private equity firms by taxing the so-called 'carried interest'? Would your legislation address that?

Rep.Walberg: The Tax Increase Prevention Act would simply make permanent the tax relief from 2001 and 2003. I support restraining federal spending and have pledged not to raise taxes.

Schulz: How are we going to tackle the looming shortfall in entitlement payments, in particular in Medicare, without tax increases?

Rep. Walberg: If you look across the ocean to Europe, massive tax-and-spend policies in countries like France and Germany have led to anemic job creation and stagnant economies. France recently elected a new President based largely on his pledge to cut taxes, balance the French budget and get its economy moving again. Economic growth, increased prosperity and making the tough decisions on needed reforms to restrain entitlement spending are the keys to tackling the upcoming demographic issues related to entitlement spending. The last thing the American people need is higher taxes that will make our nation less prosperous.