Political Quotes

“it is no secret that the Tax Code hurts our economy. We all know that Americans who try to save get penalized and that most Americans need a tax attorney to help them file their returns. I want to speak briefly, however, on a part of the Tax Code that is particularly mettlesome to constituents in my district: The death tax, which was first enacted in 1916 on estates larger than $50,000, which in today's dollars would be about $720,000 at a top tax rate of 10 percent. Today, under the tax and spend policies of the past, this tax has grown to include estates valued as low as $600,000 with a top tax rate of 55 percent. The goal of this tax is to prevent families from amassing huge estates and to promote wealth redistribution. That may sound like a good goal on paper, but in practice this tax does not have that effect. In fact, the estate tax hurts middle class, family owned businesses and farms by making it harder for the business to be passed on to the next generation. Back in my district, in Illinois, the Buesinger family, from Christian County, have recently found out how terrible this tax can be.”