Political Quotes

“I believe that before this Congress adjourns we must extend unemployment benefits that are so vital to the economic survival of many American families and to our economic recovery. I also believe we must ensure that working families are not hit with a tax increase that endangers our recovery. But the legislation before us exacts a high price, and it should be amended to accomplish those goals without giving unwarranted benefits to the wealthiest Americans. Unfortunately, the procedure under which it is intended for us to consider it will apparently give us no opportunity to correct its shortcomings. The tax cuts included in this bill, while they would benefit working families, are too skewed toward the well-off, and would exacerbate a growing trend of income inequality in our country. Today, the wealthiest 1 percent of Americans receive about one-quarter of total U.S. income. Thirty years ago, they earned only about 10 percent of total U.S. income. Not only have incomes for the wealthiest sector of the population continued to grow. Incomes for middle-class families have been stagnant and have actually fallen when adjusted for inflation. This unconscionable inequality will only increase as a result of the estate tax provisions in the bill before us. The pending legislation would exempt the first $5 million of estates from any tax, and tax remaining amounts at 35 percent.”