Political Quotes

“Mr. President, yet another terrible provision in this bill is the dynasty loophole. Now, in a bill that the Republicans are saying is targeted at the middle class, why would you give $269 billion to the richest 0.2 percent of Americans? Envision a room with 1,000 people in it, pick out the 2 richest people, and give them $269 billion. That is what this bill does. Now, this dynasty loophole is a way for the richest Americans to bypass ever paying capital gains, as they pass their wealth from one generation to the next. It is an enormous tax dodge, but if you or I sell a property while we are alive, we have to pay capital gains on it. The rich don't need to sell property over the course of their lives; they can simply hold it to the end of their life and pass it on to the next generation, never paying capital gains, and the next generation gets it marked up to market rate so that can never be recovered. What we are talking about here is a principle that the early American Founders really detested. They had seen in Europe that very rich families could pass on wealth from one generation to the next and could control power in the country. That was the vision of government by and for the powerful, accentuated by the passage of vast wealth from one generation to the next. The Americans said: No. We want a different form of government, one which empowers decisions to make every family thrive; give them a chance, every family, to succeed.…”