Political Quotes

“Mr. Speaker, I rise to alert the American people to the tax scam that is the Republican tax reform proposal, unveiled last week. It is reported that President Trump wanted to call this bill ``cut, cut, cut.'' That would have been apropos. The first cut is for him and his family members, the second cut is for his wealthy friends and acquaintances, and the third cut is for large corporations classified as LLCs. It certainly does not cut taxes for middle-income families or most small businesses. In fact, it does just the opposite. It is crystal clear who gets the cuts and who gets to pay more. First and foremost, the GOP tax plan eliminates inheritance taxes that only apply to two-tenths of 1 percent of families who wish to pass along their wealth, unearned and untaxed. Why are Republicans doing this? Because it is a huge priority for some of their biggest donors, and the middle-income families will be asked to pay for this $172 billion giveaway to the superrich. The GOP pretend not to be cutting taxes for the superrich by maintaining the top rate of 39.6 percent. However, their plan increases the income levels that the 39.6 percent applies to from $470,000 a year to $1 million. These proposed rate changes will cost over $1 trillion. The GOP tax plan also features a special rate for the owners of passthrough businesses that will cost $448 billion. These are LLCs and partnerships that pay zero corporate taxes and whose owners' income is treated the same as everybody else's.…”