On the recordFebruary 28, 1996
I got three kids. I got a good job, and I work long hours. I get paid overtime and make good money. My wife is a schoolteacher. But at the end of each month, we have no money left over because of our tax burden. His taxes compared to his father, his father in the 1950's paid 5 percent Federal income tax. Today he is paying 24 percent. That is exactly what you are talking about, that Federal income tax. Once the Federal Government established a toe-hold, or should I say a hook in the American back pocket, they never let go. Each year they have grabbed more and more money out of that gentleman's back pocket. So now he wants to save money for his kids' college education, he wants to save money for a vacation, he wants to save money for his long-term retirement. He cannot. At the end of the month they had zero, because of the tax burden.
Source
govinfo.gov




