Political Quotes

“Mr. President, later today, I will introduce a bill to repeal the death tax. As I mentioned, as a resident of a rural State filled with family farms and ranches, I have made death tax repeal a priority for a long time, and I was proud to help secure a doubling of the death tax exemption in the 2017 Tax Cuts and Jobs Act. This doubled exemption has provided certainty to a lot of farms and ranches and small businesses over the past 7 years, but the expanded exemption is expiring at the end of this year. It is my hope that we will not merely extend this exemption but that we will get rid of this fundamentally flawed tax once and for all. The death tax is fundamentally flawed both in theory and in practice. There should be a limit to how many times the government can tax you. The money you leave at your death has already been taxed by the government at least once, which makes the death tax double taxation, and the government isn't even profiting all that much from this double taxation. That is right. The death tax accounts for a teeny, tiny fraction of government revenue. In fact, there is reason to believe that the government would collect more in taxes if it got rid of the death tax entirely due to the economic growth and job creation that would stem from its elimination. So how is there any support left for this burdensome tax? That is a good question. For some, of course, heavy taxation is axiomatic.…”