Political Quotes

“I wish today to discuss two more ways to reduce the budget deficit by eliminating tax loopholes and special tax breaks and restoring fairness to the Tax Code while protecting essential programs for American families. Last week I sent a letter to members of the Joint Select Committee on Deficit Reduction outlining a 7-point plan that could lower the deficit by $1 trillion over 10 years through some restored revenues. I spoke last week on the floor about the necessity of addressing revenue, not just spending cuts, to achieve real deficit reduction. I discussed in some detail two of the proposals in my plan, which are combating offshore tax haven abuse and eliminating the tax loophole that forces taxpayers to subsidize stock option compensation for corporate executives. Since I spoke last week, President Obama has outlined his ideas for deficit reduction. Significantly, the President has embraced the need to restore significant revenues to reduce the deficit. I believe the President's proposals are an important step toward serious deficit reduction. Indeed, some of his ideas parallel the proposals which I have made to the joint select committee. Today I wish to outline and describe two more of my proposals, each dealing with a tax loophole that benefits Wall Street at the expense of working families and our fiscal well-being.…”