Political Quotes

“this is in essence S. 2005, the Installment Tax Correction Act of 2000. It has 41 cosponsors, as listed on the stand-alone bill, in the Senate. It is a very simple bill, but it is very important to small businesses, farmers, and people who sell their businesses and carry back some of the financing. As you know, whenever you sell your business, if you have capital gains, you pay the full capital gain on the sale price of that business. Yet your money may be returned to you in yearly installments. What this bill does, is provide an easier method to pay your capital gains tax. The amendment doesn't change the rate. It changes nothing. But it does allow you to pay your capital gains tax as you receive the money on installment. We think this is more than fair. It doesn't put the seller at the disadvantage of having to go to the bank to borrow money in order to pay the capital gains tax whenever a business is sold. I cannot add a lot to what the Senator from Texas has said about the marriage penalty. But I will tell you this, Joshua and Jody Hayes, of Billings, MT--two kids I have known for a long time, now pay $971 more in taxes just because they are married, rather than if they had remained single.”