Political Quotes

“the issue of abusive corporate tax breaks has even gotten the attention of Forbes Magazine, which reported on April 1, 2010--this is Forbes Magazine--Forbes 500, dynamic capitalism, Forbes Magazine, and this is what they say on April 1, 2010: As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. Forbes Magazine. This is not one of the more progressive journals in America. So enough is enough. We can and must reduce the deficit in a way that does not harm the American middle class. Making sure that large and profitable corporations are not able to avoid paying taxes could significantly reduce the deficit. It is not the only thing we have to do, but it would be an important step forward. As a first step in this direction, the amendment I am proposing today goes after the three most generous tax breaks enjoyed by the oil and gas industry and would raise over $35 billion in revenue over a 10-year period--$35 billion, 10 years. All of these tax breaks were recommended for elimination in President Obama's fiscal year 2011 budget request. Specifically, this amendment eliminates the expensing of intangible drilling costs to raise over $10.9 billion.”