Political Quotes

“the fourth in the series of economic growth incentives is a bill to enhance the economic security of older Americans and small businesses around the country, a bill known as the Family Heritage Preservation Act. It would repeal the onerous Federal estate and gift tax, and the tax on generation-skipping transfers. A companion bill will be introduced in the House of Representatives by Congressman Chris Cox of California. Mr. President, most Americans know the importance of planning ahead for retirement. Sometimes that means buying a less expensive car, wearing clothes a little longer, or foregoing a vacation or two. But by doing with a little less during one's working years, people know they can enjoy a better and more secure life during retirement, and maybe even leave their children and grandchildren a little better off when they are gone. Savings not only create more personal security, they help create new opportunities for others, too. Savings are really investments that help others create new jobs in the community. They make our country more competitive. And ultimately they make a citizen's retirement more secure by providing a return on the money invested during his or her working years. So how does the government reward all of this thrift and careful planning? It imposes a hefty tax on the end result of such activity--up to 55 percent of a person's estate.”