Political Quotes

“This bill needs to be graded, and the grade it gets is F, a fat F grade. It fails all tests of sound tax policy. Let me start with truth in advertising, a grade F. This is not a small business bill. It's small business in name only. It's totally untargeted, totally. It applies as long as an entity has under 500 employees--law firms, sports teams, financial consultants, lobbyists, corporate farmers--and regardless of what their annual receipts are. They can be tens of millions, hundreds of millions of dollars. Interestingly, when the SBA looks at its loan program, it has what's called a common standard. What that is is that generally the businesses it serves cannot have more than $7 million in average annual receipts for most nonmanufacturing firms. This bill has no limits--none--as to function or amount of receipts, so really this bill mocks the use of the title ``small business.'' This isn't about mom and pop. It's about popping the cork for wealthy taxpayers. Secondly, graded on tax fairness, F. According to the most cautious estimate, 56 percent of the tax break under this bill goes to taxpayers making $250,000 or more annually. It provides 125,000 taxpayers making $1 million a year with a tax break of over $58,000. Another model says that 49 percent of this $46 billion revenue loss goes to people with incomes over $1 million. This is Bush tax cuts on steroids. Thirdly, in terms of job creation, another grade F.…”