Political Quotes

“it is the time of the year when we are certain to hear more ideas for tax reform. We're certain to hear many colleagues discuss the unfairness of our current tax code. Although taxes in this country remain lower than major competitors like the United Kingdom, Japan, and Germany, many families feel their tax burden has been increasing. One of the interesting reasons why some individuals feel squeezed is the changing nature of the tax burden over the last few decades. For example, individual income taxes--both as a percentage of all federal taxes paid and as a percentage of gross domestic product--are at roughly the same levels as they were in 1970. Yet during that same time period the so-called social insurance taxes or payroll taxes have risen dramatically, primarily to fund Social Security and Medicare. And the portion of revenues collected from corporate income taxes has fallen by an equally dramatic amount. For example, in 1960, we collected $1.89 in individual income taxes for every $1.00 in corporate income taxes. By 1980 this ratio has risen to $3.78 in individual income taxes for every $1.00 in corporate income taxes. And today we collect $4.02 in individual income taxes for every $1.00 in corporate income taxes. It is no wonder individuals feel squeezed. As we begin to debate several tax reform proposals this year, perhaps none will receive as much attention as the so-called marriage penalty.”