Political Quotes

“I rise proudly as an original cosponsor of the Charitable Giving Act and also in strong support of Cardin-Doggett substitute. I signed on as an original cosponsor of H.R. 7 because our Nation's charities are struggling in this weak economy to meet increasing demands with diminishing resources. In response, this bill delivers tax fairness and strong incentives for America's donors to give generously, even those with modest means. I am pleased that the substitute makes this bill even stronger by taking this opportunity to shut down tax avoidance schemes built into the Tax Code that encourage dishonest corporate transactions and bookkeeping practices. Another improvement is that the substitute pays for the bill. This is critical since the President has asked Congress for another $87 billion for rebuilding Iraq, twice the amount originally anticipated. I am as pleased as the next person when corporations earn profits. But there is something wrong when tax breaks for working families are outnumbered by corporate subsidies for oil drilling, insurance, nuclear power, commercial real estate, equipment purchases, drug manufacturing, ethanol production, and more. President Reagan criticized corporate tax subsidies as wasteful and in direct conflict with free market principles and economic growth. In 1986, he issued executive orders to cut back many of these subsidies. Republicans and Democrats should continue working together to follow his lead.”