Walter B. Jones: “the most distinguished jurist in American history, Oliver Wendell Holmes, understood perfectly the dangers of an…”

“the most distinguished jurist in American history, Oliver Wendell Holmes, understood perfectly the dangers of an oppressive tax system. In a famous 1928 case Justice Holmes wrote, and I quote, ``The power to tax is not the power to destroy while this Court sits.'' Mr. Speaker, how many new businesses fail because the tax man seizes too much of what little profit that business makes. How many new businesses would have succeeded if they had not been burdened by tax bills they could not afford? How many businesses decided not to expand because taxes could eat away at the profits? How many businesses decided to locate overseas to escape a tax code that punishes job creation? Justice Holmes understood even back in 1928 that when the tax burden becomes oppressive enterprises are destroyed and jobs are lost. Sixty-nine years later it is time to learn the lesson; it is time to cut taxes on businesses and let job creation flourish.”