I can remember a comment made to me, even as I stand here. The CEO of a Fortune 500 corporation in Chicago, when I visited him and said: Do you believe the President's approach, tax breaks for the highest income categories, is the right way to stimulate this economy? He said: Of course not; we have to create demand for goods and services. He told me: I am not very popular in my country club. Here is what I told him. Throughout history, millions of Americans have sacrificed; they have given their lives to make this a great Nation. Is it too much to ask the wealthiest people in this country to pay their fair share of taxes? I do not think it is too much. These are people who have been blessed with creativity, skill, energy, and success, and to say they are the ones we are going to continue to reward defies any logic. Why are we not trying to reward and help the struggling families who are trying to pay their basic bills? Take a look at this chart. In terms of the Bush tax cut, the benefit for those making about $40,000 a year is $265, but if you happen to be a millionaire--$1 million of annual income--the Bush tax cut is worth almost $89,000. Paul Sarbanes was right--and I am going to credit him for this only one time and never again--the Bush tax cut is clearly a policy of leave no millionaire behind.
On the recordJanuary 14, 2003
Source
govinfo.govEditor's note · Context
Discussing the impact of tax cuts on different income groups during a Senate debate.
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