Tax reduction

“ This brought me to the conclusion that, “when a reduction of taxation is about to take place, it is exceedingly important that great care and judgment should be exercised in the selection of the tax to be reduced, in order that the maximum of relief may be afforded to the public with the minimum of injury to the revenue.” ”

“ The time is arriving when we can have further tax reduction, when, unless we wish to hamper the people in their right to earn a living, we must have tax reform. The method of raising revenue ought not to impede the transaction of business ”

“ Next we should give Americans a tax cut. We've already cut taxes for 15 million American working families through our dramatic expansion of the earned income tax credit. This year that tax reduction will be worth about $1,000 to a family of four with an income of $28,000 a year or less. ”

“ Taxation would not then fall unduly on the man of moderate means; and while none would be entirely exempt from assessment, all, in proportion to their pecuniary abilities, would contribute toward the support of the State. A modification of the internal-revenue system, by a large reduction in the number of articles now subject to tax, would be followed by results equally advantageous to the citizen and the Government. ”

“ You see, if the Congress moves speedily this summer, most of you are going to be getting a reduction in tax rates starting next year. That's because there's a new bill that's going to drastically overhaul the tax code and reduce the current 14 tax rates to only 2-15 percent and 27 percent. That means 80 percent of the American people will be paying the rate of 15 percent or less. For most of you, that's going to be a significant tax cut. ”

“ To achieve these greater gains, one step, above all, is essential--the enactment this year of a substantial reduction and revision in Federal income taxes.
For it is increasingly clear--to those in Government, business, and labor who are responsible for our economy's success--that our obsolete tax system exerts too heavy a drag on private purchasing power, profits, and employment. Designed to check inflation in earlier years, it now checks growth instead. It discourages extra effort and risk. It distorts the use of resources. ”

“ While there may be disagreement in Congress over whether or not to raise taxes on folks making over $250,000 a year, nobody -- not Republicans, not Democrats -- want taxes to go up for folks making under $250,000 a year. So let’s not wait. Even as we’re negotiating a broader deficit reduction package, let’s extend the middle-class tax cuts right now. ”

“ A gigantic tax increase has been built into the system. We propose nothing more than a reduction of that increase. The people have a right to know that even with our plan they will be paying more in taxes, but not as much more as they will without it. The option, I believe, offered by the House Budget Committee, will leave spending too high and tax rates too high. ”

“ Agriculture had on the whole been going higher while industry had been growing lower. Industrial and commercial activities, being carried on for the most part by corporations, are taxed at a much higher rate than farming, which is carried on by individuals. This will inevitably make industrial commodity costs high while war taxation lasts. It is because of this circumstance that national tax reduction has a very large indirect benefit upon the farmer, though it can not relieve him from the very great burden of the local taxes which he pays directly. ”

“ Later on, when other problems are solved, I shall make some recommendations about renewed consideration of our tax program, but for the immediate time before us we must be content with the billion dollar reduction in the tax draft upon the people, and diminished irritations, banished uncertainty and improved methods of collection. ”

“ The 1-year reduction for businesses would be in the form of a liberalized investment tax credit increasing the rate to 12 percent for all businesses.
This tax cut does not include the more fundamental reforms needed in our tax system. But it points us in the right direction--allowing taxpayers rather than the Government to spend their pay.
Cutting taxes now is essential if we are to turn the economy around. A tax cut offers the best hope of creating more jobs. Unfortunately, it will increase the size of the budget deficit. ”

“ My Administration is committed to creating a business climate in which minority business enterprises can thrive and expand. The Unified Framework for Fixing Our Broken Tax Code, my Administration's basic plan for tax cuts and tax reform, calls for a steep reduction to the corporate tax rate from 35 to 20 percent. This reform will lift up our entrepreneurs, our businesses, and our families. ”

“ My administration has offered our ideas for creating new jobs. I've proposed speeding up the tax reductions Congress passed last year, because the faster tax rates come down, the faster our economy will grow.
I have proposed tax refunds for lower and moderate income families, to put money in the hands of people with kids to support and bills to pay. I have proposed reforming the alternative minimum tax so employers and entrepreneurs no longer see their taxes rise as their profits shrink. In tough times, we need to encourage entrepreneurship and small business growth, not punish it. ”

“ Six days ago individual income taxes were reduced and the excess profits tax expired. These tax reductions are justified only because of the substantial reductions we already have made and are making in governmental expenditures. As additional reductions in expenditures are brought gradually but surely into sight, further reductions in taxes can and will be made. When budget savings and sound governmental financing are assured, tax burdens should be reduced so that taxpayers may spend their own money in their own way. ”

“ The matter is one of emphasis. But it is not permissible, in construing provisions designed to encourage reorganizations, by giving relief from taxes, to take them by such an emphasis as if they were framed exclusively for raising revenue.↑ That is, with Section 270 as operating independently of Section 268, to require reduction in basis even though no actual tax benefit has been derived under 268.↑ Cf. ”

“ The nearly 20,000,000 owners of securities, the additional scores of millions of holders of insurance policies and depositors in savings banks, are all paying a national tax. Millions of individuals and corporations are making a direct contribution to the National Treasury which runs from 11/2 to 25 per cent of their income, besides a number of special requirements, like automobile and admission taxes. Whenever the state of the Treasury will permit, I believe in a reduction of taxation. ”

“ Two years ago, Congress approved income tax reductions that will not go into full effect until 2006. My plan would make these reductions effective immediately, to boost the economy in the short-term and help insure long-term growth. If tax relief is good enough for Americans three years from now, it is even more necessary today, when our recovery is not as strong as it should be. ”

“ Four times we have made a drastic revision of our internal revenue system, abolishing many taxes and substantially reducing almost all others. Each time the resulting stimulation to business has so increased taxable incomes and profits that a surplus has been reduced. One-third of the national debt has been paid, while much of the other two-thirds has been refunded at lower rates, and these savings of interest and constant economies have enabled us to repeat the satisfying process of more tax reductions. ”

“ And we also gave tax reductions to most small and new businesses. Before we could do more than that, we first had to bring down the deficit we inherited and we had to get economic growth up. Now we've done both, and now we can cut taxes in a more comprehensive way.
But tax cuts should reinforce and promote our first obligation: to empower our citizens through education and training to make the most of their own lives. The spotlight should shine on those who make the right choices for themselves, their families and their communities. ”

“ "A tax on bread will be ultimately paid, not by a rise of price, but by a reduction of rent."24 If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread. ”

“ Death and taxes may be inevitable, but unjust taxes are not. And so we proposed, as our number-one domestic priority, a radical reform to simplify the tax system and lower your tax rates, clear out the clutter of special provisions, free ourselves from the grip of special interests, and create a binding commitment to the only special interest that counts: you, the people who pay America's bills. All of us-our White House team, Jim Baker's at Treasury, and everyone else in the administration-have fought hard to get tax reform passed into law. ”

“ Raising taxes will slow economic growth, reduce production and destroy future jobs, making it more difficult for those without jobs to find them and more likely that those who now have jobs could lose them.
So I will not ask you to try to balance the budget on the backs of the American taxpayers. I will seek no tax increases this year and I have no intention of retreating from our basic program of tax relief. I promised the American people to bring their tax rates down and keep them down— to provide them incentives to rebuild our economy, to save, to invest in America's future. ”

“ We need to bring down our tax rate so we can create jobs, wealth, and opportunity right here, in the United States of America, so we can bring our hobs back and bring our businesses back. We want tax reform that puts America First. We want tax reform that makes America great again. ”

“ That's when Congress passed the new tax reform bill, which will cut the top tax rate from 50 percent to 28 percent and for 8 out of 10 Americans will mean a top rate of no more than 15 percent. For the 4 years since our first tax cut found its footing, the American economy has been climbing to the mountaintop. With tax reform, America is going to shoot for the stars. ”

“ To provide that taxation shall fall entirely on income, and not at all on capital, is beyond the power of any system of fiscal arrangements. There is no tax which is not partly paid from what would otherwise have been saved; no tax, the amount of which, if remitted, would be wholly employed in increased expenditure, and no part whatever laid by as an addition to capital. All taxes, therefore, are in some sense partly paid out of capital; and in a poor country it is impossible to impose any tax which will not impede the increase of the national wealth. ”

“ The estimated revenue from these sources was $877,500, affording a small excess over the sum which would be required to pay the interest on the assumed debt. The policy of the measure was discussed in a well-digested and able argument, detailing many motives, in addition to those assigned in his original report, for preferring the system now recommended to accumulated burdens on commerce or to a direct tax on lands.
A new tax is the certain rallying point for all those who are unfriendly to the administration or to the minister by whom it is proposed. ”

“ We’ve massively cut taxes for the middle class and small businesses to let working families keep more of their hard-earned money. We lowered our corporate tax rate from 35 percent, all the way down to 21 percent. ”

“ On tax reform, we want to make corporate rates lower and bring down individual rates for you, the American people, in order to provide the incentives that spur economic growth. The tax reform bill passed last year by the House has its weak points, but it succeeded in lowering both corporate rates and income tax rates for most individuals. ”

“ I therefore ask the support of Congress for a new revenue package for urgent enactment. This will widen the tax base and rationalize the existing structure. Reforms in tax administration must aim to achieve simplicity, uniformity, and efficiency. This is the best way to arrest the present epidemic of tax avoidance and evasion. Growth cannot take place without some sacrifice from everyone of us. But let us agree that the tax burden must fall heaviest on those who can best bear it. But we must not tax at levels that will become a drag on the economy. ”

“ Sec. 102. 5 percent reduction in individual income tax rates. Sec. 103. Repeal of alternative minimum tax on individuals. Sec. 104. Reduction in corporate marginal income tax rates. Subtitle B—Reduction of Income Taxes on Capital Assets Sec. 111. Indexing of certain assets for purposes of determining gain or loss. Sec. 112. Reduced capital gains rate for corporations. Subtitle C—Other Provisions Related to Businesses Sec. 121. Repeal of certain limitations on the expensing of section 179 property. ”

“ About 10 days ago we all kept our rendezvous with the Internal Revenue Service and anted up our income tax. If it'll help ease the pain, let me remind you that in about 2 months, on July 1st, you'll start paying 10 percent less income tax on what you earn.
But that won't mean anything to a growing group of citizens who've already given themselves a tax cut. It's estimated that about $95 billion in income tax is not being paid. That's enough to balance the budget. ”

“ On another front, we'll keep speaking out, pushing as hard as we can, to give all Americans new opportunity to build a better life. That means passage of our tax reform to lower rates, nearly double the personal exemption, raise the standard deduction, and increase the earned-income tax credit. Tax reform is a must, because it would turn private energies away from efforts to save another dollar in taxes toward efforts to earn another dollar. ”