Political Quotes

“Madam President, I rise to express my growing concern as massive tax increases loom on the horizon, and yet the Senate has not taken a single vote to forestall what many are appropriately calling taxmageddon. Washington tends to be a place where people speak in hyperbole, but it is hard to overstate the magnitude of the tax increases that will hit our economy starting next year if we do not act. If Congress does not vote to extend the current income-tax rates, the lower tax rates on investment income, relief from the alternative minimum tax, relief from the Federal estate tax, and other expiring tax relief measures, the result will be a tax increase of more than $470 billion on Americans in 2013 alone. Over the next 10 years this tax increase will result in nearly $4.5 trillion in new taxes on American families and entrepreneurs. This will be the largest tax increase in our Nation's history in absolute dollars and the second largest tax increase since World War II as a percentage of our economy. This massive tax increase does not even take into account the new taxes enacted as part of ObamaCare that will also go into effect in 2013 and that will impose an additional $23 billion in higher taxes on individuals and businesses. What will these taxes mean to the average American family? The Heritage Foundation recently published a study that estimated the increase per tax return in every State.…”