Political Quotes

“winding this up, there are some real obligations of the Federal Government. It is the defense, it is the security, it is the health, it is education; but now we have expanded into so many social programs that in many ways take away the incentive of working hard and saving and investing and doing for themselves. We discourage investment. We say, look, if they earn some money and invest it in something and the value goes up, we are going to tax them again. It is interesting. Our system says to a person, look, after they have earned this money, if they go to Las Vegas and live it up with wine, women, song, gambling, and spend all that money in gambling and waste and expenditures, we are not going to tax them anything; but if they give some of that money to their kids and their grandkids to help in their education, to help in their success, help their development to contribute to this economy, we are going to tax the heck out of them. Our system of taxation needs to be reviewed, especially when we compare it to other countries, other countries that do not have a capital gains tax, other countries that encourage savings and investment more than we do. The challenge is before us, and it is not going to be an easy road.”