Political Quotes

“But the marine corporal, the single mom who is trying to get her daughter or son through college, they would actually see their taxes go up under this simplified fast-track Republican approach. So those who are trying to get their toehold, their foothold into the first or second rung of that economic ladder, they end up having to pay for more tax breaks for those at the top. And now today, through this bill, we see that what Mitt Romney was a part of in exporting jobs abroad, he was really just getting started because what they propose is a ``territorial'' tax system. What is that? A territorial tax system is when you create jobs in somebody else's territory. Here's how it works. Here's the plan that they're talking about: you are a manufacturer, and you are trying to decide, where will I create my new plant and locate it? I could locate it in San Antonio, Texas. I could locate it in Shanghai. Under their territorial plan, if you locate it in Shanghai, it's tax free. Guess where the incentive is under their plan to create new jobs? It's not in Texas. It's not in America. It's someplace else. That's what the territorial tax system is all about. But of course with all the loopholes that their lobbyists have been able to get through the decades, many, many corporations aren't paying the 35 percent statutory tax rate.…”