A Quote by Richard Neal
Let me announce this to the American people tonight one of the best things about this debate, as a Democrat from Massachusetts, I have proposed eliminating, getting rid of the alternative minimum tax.
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Trump himself stands to benefit dramatically from the tax cuts. One of the things they're cutting is the alternative minimum tax. Last time we have tax returns for him was in 2005, where he paid about $31 million because of the alternative minimum tax. He won't have to pay that, if this tax bill goes through. So, not only is he reordering our constitutional democracy, he is personally enriching himself - which is not new, because, of course, he's done it ever since he swore an oath to become president of the United States.
The rationale for eliminating the alternative minimum tax is that such a backup system should not be necessary if the tax code is fundamentally fair and eliminates all the loopholes that made it possible for high-income taxpayers to escape taxation in the first place.
I want to end tax dumping. States that have a common currency should not be engaged in tax competition. We need a minimum tax rate and a European finance minister, who would be responsible for closing the tax loopholes and getting rid of the tax havens inside and outside the EU. It is also clear that we have to reach common standards in our economic and labor policies. We cannot continue to just talk about technical details. We have to inspire enthusiasm in Germany for Europe.
It is easy to talk about tax simplification, and we all know it is very difficult to accomplish; but for the last three Congresses, I have offered a tax simplification bill that would include a paid-for repeal of alternative minimum tax.
The alternative minimum tax was designed to prevent the very wealthiest Americans from overusing certain tax benefits to avoid most of their tax burden.
I'd like to give zero out capital gains tax and zero out the dividends tax, zero out alternative minimum tax, and zero out the death tax.
If you have to change the law to get more money, that's a tax increase, and Americans for Tax Reform supports all efforts of tax reform, getting rid of deductions or credits, or something that's misclassified, as long as you at the same time reduce rates so that it's not a hidden tax.
Capital available for individuals to start and expand businesses would increase with regulatory and strategic tax reforms, like reducing marginal rates, repealing the alternative minimum tax, and making the U.S. the most welcoming place for employers to relocate and create jobs.
I would favor three policies: raising the minimum wage to $12, closing the tax loophole where persons only pay a 15% income tax on long term capital gains (tax it at the full tax rate), and institute a progressive tax moving the highest tax rate from 39.6% to 45%. I would favor implementing these three policies in that order, starting with raising the minimum wage, but not stopping there.
Tax reductions are usually simpler and less distortive. I'm certainly willing to look at getting rid of tax deductions/credits, and go to dramatically reduced rates.
Meditation is a process of getting rid of the whole past, of getting rid of all diseases, of getting rid of all the pus that has gathered in you. It is painful, but it is cleansing, and there is no other way to cleanse you.
Next, take a look at the quality of the people who surround you. Do these people back you emotionally, or not? If they don't back you, are they at least passive? If not, get rid of them. Sometimes it is hard to drop off your mates at the great bus stop of life. But remember, your energy will only rise in direct relationship to the number of things you are able to get rid of - not to the things you acquire. By getting rid of things, attitudes, encumbrances, and blocks of one kind or another, things fly.
It is not enough for me to stand before you tonight and condemn riots. It would be morally irresponsible for me to do that without, at the same time, condemning the contingent, intolerable conditions that exist in our society. These conditions are the things that cause individuals to feel that they have no other alternative than to engage in violent rebellions to get attention. And I must say tonight that a riot is the language of the unheard.
One of the things we're going to have to discuss and debate is how are we striking this balance between the need to keep the American people safe and our concerns about privacy. Because there are some trade-offs involved. I welcome this debate, and I think it's healthy for our democracy.
Over the last 10 years a huge amount has been achieved in getting people into work. Measures such as the New Deal, tax credits, the minimum wage and improved childcare have brought about record numbers of people in work, a number that is still rising despite the global economic slowdown.
The American people want to raise the minimum wage. Every poll tells us that. That bill will not get to the floor of the Senate. The American people want to ask the rich to pay more in taxes. But the legislation that will get to the floor is tax breaks for billionaires.
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