Political Quotes

“What happened is, within a short period of time, using World War I as the excuse, that top rate was not at 2 percent or at 5. It was at 75 percent. Now, what we found out is the actual amount of money coming into the country was in a decline, not in an incline. So, when President Coolidge came into power and initiated the first tax cuts by reducing the rates across the board, the amount of revenue coming into the country actually increased. The same thing happened when President Kennedy tried it, President Reagan, and President Bush, because what we found out was that people with money are not stupid. They had money for a reason and that it was not that they were avoiding their taxes. They had just found an alternative way of investing--in the case of World War I, it was a lot of municipal funds that were going in there that were not taxed--or they simply did not invest their money. They sat on it until such time as they actually had control of their money again. So the bottom line here is, if we look at the tax pot, or proposal, as a way of solving our problem, all we do when we allow taxes to increase is allow Congress to actually spend more. It's like going on a diet, which I desperately need. I may change my diet to my only eating good food; but if I eat a whole lot more of good food, it's not going to really solve the problem. There is another problem, too, that goes onto the spending side, which is I can actually be full and malnourished at the same time.…”