Political Quotes

“it is a pleasure today to stand and speak out against the tax that I think is the most unfair tax in this country, the capital gains tax. This is a tax that has been debated for a decade in this country and it has been debated and has not been cut because, in my view, those who oppose cutting this tax say that it would be a tax break for the rich. And who wants to give the rich a tax break? None of us. But that is not a fair statement. When you look at the record, 37 percent of the people who pay the capital gains tax make less than $30,000 in income a year. Is that the rich? Fifty-seven percent make less than $50,000 a year. Is that the rich? Seventy-four percent make less than $75,000 a year. Is that the rich? Who does it really affect? I think one of the most detrimental effects is on our farmers, our restaurateurs, our merchants, small manufacturers, small investors, and many of our senior citizens. I want to give Members an iron-clad example. If a couple bought a farm in 1957 for $40,000 and they just maintained that farm until today and sold it, it would probably bring about $400,000, only because of inflation, not because it is of more value, just keeping equal. That couple would pay $111,000 of that money back to the Federal Government who has done nothing to help them, only tax them, for all of that time. Is that fair? I do not think so. Most farmers and small businesspeople do not have savings plans and do not have retirement systems.”