Political Quotes

“Mr. Chairman, my amendment simply asks that, in the spirit of this bill and the context of examining the debt, we take a look at Federal revenue trends, which are a critical part of the conversation we are having. Specifically, this amendment asks Treasury to include in their report the historical levels of Federal revenue, including information on corporate and individual Federal income taxes. While we may disagree on the merits of the underlying bill, I hope that we can agree that it is important to have a complete picture of the Federal budget when looking at debt and deficit issues. When we look closer at our current revenue policies, a fuller picture emerges. This picture could change our perspective on the need to cut programs that Americans hold so high and, instead, raise questions about the need to close loopholes that prevent us from investing in areas of the budget that support the middle class and working families. Here are a few reasons that we may want to consider changes to this conversation: Corporations used to contribute $1 out of every $3 in Federal revenue. Today, it is $1 out of every $10. At the same time, corporations are more profitable than almost ever before. American taxpayers are losing about $90 billion every year due to offshore tax loopholes. In the 1950s, corporate taxes were about 6 percent of the economy. Today, they are 1.9 percent.…”