A Quote by Danny K. Davis
Some of the huge tax breaks that we gave to the wealthiest 1 percent of the population in this country during the Bush era have contributed significantly to the deficit.
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We certainly could have voted on making the middle-class tax cuts and tax cuts for working families permanent had the Republicans not insisted that the only way they would support those tax breaks is if we also added $700 billion to the deficit to give tax breaks to the wealthiest 2 percent of Americans. That's what was really disturbing.
Actually, Congress just did pass a tax plan like Donald Trump`s.They passed a tax plan which some Democrats voted for, significant number of Democrats which gave huge tax breaks to wealthy people and corporations.
There are a lot of misconceptions regarding the Bush tax cuts, all of them deliberately propagated by none other than President Obama and his pals. The biggest lie of them all is that these tax cuts will only affect the wealthiest two percent.
I was shocked to see that some of the very wealthiest people in the country have organised their tax affairs, and to be fair it's within the tax laws, so that they were regularly paying virtually no income tax. And I don't think that's right.
Bush already gave obscene tax breaks to people like me and Warren Buffet, and we are saying it's not fair.
I think tax breaks for diversity is a good thing. In film now, what happens is you get huge tax breaks if you can prove via your hiring practices and via casting, that the film is British, you get a tax break. Wouldn't it be great if you got a tax break because the film was properly diverse?
When Republicans used reconciliation in 2001 for the Bush tax cuts, they used it to increase the deficit. The whole purpose of reconciliation is for deficit reduction!
If you keep tax cuts for the wealthiest, it won't stimulate the economy, but it will add to the deficit. And, really, what we have to be focused on right now is what economists would call the opportunity costs.
I don't know how anyone can keep a straight face and say they are for deficit reduction while they insist on a permanent tax cut for the wealthiest Americans, completely unpaid for.
Our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve -- and I believe this can be done -- a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.
From 2008 to 2016 all the growth in the American economy, all the growth in national income, was earned just by the wealthiest 5% of the population. So they got all the growth. 95% of the population didn't grow. If you can get a flat tax or other lower tax, as Trump is suggesting, then this richest 5% will be able to keep even more money. That means that the 95% will be even poorer than they were before, relative to the very top.
Tax breaks and other financial breaks that favor the wealthiest among us do not create greater prosperity for all; they simply siphon off more and more money to those who already have it, and more and more money away from those who do not.
OK, so this pack - tax package includes about 50 tax breaks. None of them are new. They were all existing tax breaks. What this did was make them permanent. It gives some certainty for people when they're filing taxes that they don't have to wonder if Congress is going to renew them year after year.
We need to have the growth. If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth. We really do believe that the tax code is what's holding back the American economy.
If we choose to keep those tax breaks for millionaires and billionaires, if we choose to keep a tax break for corporate jet owners, if we choose to keep tax breaks for oil and gas companies that are making hundreds of billions of dollars, then that means we've got to cut some kids off from getting a college scholarship.
The US is a country [in which] eighty percent of the population thinks the Bible was written by god. About half think every word is literally true. So it's had to appeal to that - and to the nativist population, the people that are frightened, have always been... It's a very frightened country and that's increasing now with the recognition that the white population is going to be a minority pretty soon, "they've taken our country from us."
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