Political Quotes

“I think one example is the taxes that we put on businesses that buy new equipment and machinery to put better tools in the hands of the American work force. So, we call it neutral cost recovery. But the fact is that Government, this Federal Government in an effort to get more taxes out of people says to a business, if you buy machinery and equipment, we are going to penalize you on the way we tax you because we make that business spread out that depreciation over 5, 15, 20 years, and that depreciation and inflation eat up the value of that deduction. So if we were to allow a business to deduct the full amount of their purchase of machinery and equipment and state-of-the-art tools to make our workers more productive, that is going to increase that average weekly income of those workers. If we were to allow a business to deduct the full amount, it would reduce the cost of that equipment by 16 percent. I just use that as one example to show how tax penalties can discourage business efficiency and business productivity.”