Political Quotes

“I have been consistent in my support for comprehensive tax reform that lowers rates for individuals and businesses by eliminating the types of carve outs and deductions in the tax code that, as recently reported by The Hill, have let 26 Fortune 500 companies pay a negative tax rate over a four-year span. To be clear, that means these companies are getting paid by the government while hard-working men and women pay their taxes. Something is very wrong with this picture. That is precisely the reason why we need real, long-term comprehensive tax reform. Last year, Senator Tom Coburn identified nearly $1 trillion in annual spending through the tax code through tax earmarks that benefit special interests such as video game developers, hedge fund managers, NASCAR, dog and horse tracks and ethanol producers. Unlike an earmark in an annual appropriations bill, these tax earmarks are far worse because once enacted they typically exist in perpetuity. Using these extensive tax loopholes, General Electric (GE) paid no federal taxes in 2010. Yet, the Congressional Research Service has found that GE was honored by a Chinese newspaper for ranking 32nd among commercial service sector companies that paid taxes to China. Let me repeat: GE paid no taxes to the United States, but was a significant source of tax revenue for China. China? China, a country that is spying on us, persecutes people of faith and has a long record of horrific human rights abuses.…”