Political Quotes

“I thank the distinguished Senator from Michigan. I appreciate very much that he has signed on as a cosponsor of both my 1-year and full 10-year--9 now--sequestration alternatives that avoid a calamity for our economy, the potential crash of 1 million jobs, by looking exactly where Senator Levin suggests--at the tax loopholes. As I showed a moment ago, it used to be, back in 1935, a ratio of 1 to 1 of dollars paid by individual Americans in taxes compared to dollars paid by corporations in taxes. Now it is 6 to 1--$6 out of a family's pocket for every $1. What has allowed America's corporate world to lower their tax liability by so much--down to one-sixth of what it used to be relative to what regular Americans pay? Well, the biggest chunk of it is all the money that flows out through the Tax Code. We have virtually the same amount flowing out through the Tax Code as we actually keep our hands on as revenue. So for $2 trillion in tax eligibility, half of that goes right back, on the personal side, and out here, it is $338 billion, and $157 billion that goes back. It never sees the tax man. It goes straight back through the Tax Code. Lobbyists have been here for years working on those loopholes and making sure different industries and interests get those benefits. That is where it all goes. That is why we are in a situation in which we have what the distinguished Senator from Michigan has talked about--all of these disgraceful loopholes.…”