Political Quotes

“it is said that a rising tide lifts all boats. Certainly this tide lifts some boats. The yachts do pretty well. Over three-fourths of the tax reductions in this bill go to the wealthiest 20 percent of Americans. Almost half of the tax breaks go to the wealthiest 5 percent. The other 95 percent, most of whom are in rowboats, they remain anchored at the bottom. The "Savers' Credit," targeted at low-income workers and the working poor who earned $30,000 or less, is the only provision that will not be permanently extended. It expires on New Year's Eve of 2006, sooner than the provisions that are being extended. But for some unknown reason, we are told we need to study the working poor who lack retirement security now and do not have adequate retirement savings. We are going to study that and not extend it, but the yachts at the top, they get their benefits made permanent. Under this bill, companies even get a tax incentive. That is right. Uncle Sam helps them with their taxes if they stuff their retirement plans with more company stock, the kind of problem that capsized the Enron employees. As if there were not already enough incentives for companies to put their stock into company plans, they get more in this bill. What happens to the 95 percent who are anchored in the rowboats in a rising tide? Well, they get swamped; and it is the richest who already have some retirement plans who get to bailout.”