Political Quotes

“I recently introduced a new version of legislation that I have introduced in the past, the Simplified USA Tax, or SUSAT, which reforms individual and business taxation while promoting economic growth, investment and personal savings, all tenets of a strong and stainable economy. Tonight I would like to focus my remarks on a critical component of SUSAT, which in my view provides a powerful antidote to the national savings crisis that we are combating today. Mr. Speaker, clearly our Tax Code is too complicated, and it is riddled with obvious inequities. Its current structure punishes savings and investment, which reduces economic and job growth and burdens domestic industry struggling to remain competitive. If Congress is going to succeed in reforming the American tax system, and I believe we must, we need to create a stable Tax Code that gives Americans a fair opportunity to save part of their earnings. Thrift has helped provide Americans the security and independence that are the foundation of freedom. Savings buys tools to make Americans more productive. Productivity raises our living standards to the highest in the world. But in recent years America has gone into debt, and it seems like we have stopped saving altogether. In 2005, stunningly, our national savings rate was in the negative for the first time since the Great Depression. America is facing a quiet crisis, the fact that our economy is now more dependent on foreign capital than on foreign oil.…”