Political Quotes

“I am going to support the Coverdell amendment because I believe that the tax burden on American families is too high and that people--especially hard working low- and middle- income Americans--should be allowed to keep more of what they earn. The federal tax burden is currently the highest in our nation's history. The National Taxpayer's Union reports that the average American family now pays almost 40 percent of their income in state, local, and federal taxes. The Coverdell amendment addresses this problem by targeting $101 billion in tax cuts at families in Michigan and elsewhere, most of them earning between $25,000 and $70,000. At its very core, Mr. President, the Coverdell amendment is a statement that taxes on middle-class American families are just too high. Right now, Mr. President, a family in Michigan that earns as little as $42,000 pays an income tax rate of 28 percent--42 percent if you include payroll taxes. The Coverdell amendment cuts that income tax rate to 15 percent. Right now, millions of middle-class couples are penalized by the tax code for being married. The Coverdell amendment helps reduce this 'marriage penalty' and end the tax code's bias against families. The Coverdell amendment takes a significant step in reducing tax rates for middle-class families and eliminating unfair biases against married couples.”