Political Quotes

“Mr. President, a couple of weeks ago, President Biden unveiled his so-called American Families Plan, which one might summarize as free stuff--free preschool, free community college, lots of government subsidies. It sounds great, but the problem, of course, is that none of that is really free. The government may not send individuals a bill for any of those items, but that doesn't mean they don't have to be paid for by someone. So President Biden proposed a raft of tax hikes to at least partially pay for his proposals--a hike in the capital gains tax, an additional new death tax to add to the one we already have, and a hike in the top income tax rate. Now, President Biden is selling these tax increases as tax hikes on wealthy Americans, whom Democrats view as a bottomless source of funding for new government programs, but there are two problems with that. In the first place, there is no question that some middle-class Americans will be hit by President Biden's new death tax. While he provides an exemption for gains of $1 million or less, the truth is that it is possible to die with an estate whose value has increased by more than $1 million over the course of your life, while never breaking out of the middle class. We are not talking about individuals with a yearly income of $1 million; we are talking about the lifetime gains on assets an individual has at his or her death.…”