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Taxes Quotes

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“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn't seem to notice that 5 percent inflation is the economic equivalent.”

“Is there another way? Of course there is. There is a way based on simple moral principles: Everyone keeps his own money. Everyone decides what to do with his own money. No income tax. No IRS. No government grants or assistance to anyone. All charity is voluntary. It's called freedom. It's a peaceful, harmonious way of life, one that Americans once believed in.”

“Obama does not believe in individual upward mobility. He would penalize it, tax it, regulate it, inveigh against it and disincentivize it. We will be like salmon swimming upstream to mate. We will overcome the currents, the waterfall, the rocks and the predators, and will grapple our way up the stream. Then, at the top of the waterfall will stand Obama the Bear, waiting to scoop us up and have us for dinner. The taxman cometh.”

“The time will come, and probably during 2009, that the only way the U.S. will be able to fund its deficits is to create money by printing it. The Treasury will have to sell bonds, and, in the absence of foreign buyers, the Fed will have to print the money to buy them. The consequence will be runaway inflation, increasing interest rates, recession, and inevitable tax increases on all Americans.”

“It is not wise for us to permit a few people on the Federal Reserve Board to have life and death power over our economy. My recommendation for reducing some of that power is to repeal legal tender laws and eliminate all taxes on gold, silver and platinum transactions. That way there would be money substitutes and the government money monopoly would be reduced and hence the ability to tax - some people would say steal from - us through inflation.”

“I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine. He said, "What these other accounting firms have done is very unethical. The [tax avoidance scheme] works best if it's not found out [by the IRS], so we only give it to our best clients, not the rest, so it's unlikely to be discovered. So my firm is better than the others." [Laughter] I'm not kidding. And he was a perfectly nice man. People just follow the crowd...Their mind just drifts off in a ghastly way.”

“Those who create the wealth naturally want to keep it and devote it to their own purposes. Those who wish to expropriate it look for ever more-clever ways to acquire it without inciting resistance. One of those ways is the spreading of an elaborate ideology of statism, which teaches that the people are the state and that therefore they are only paying themselves when they pay taxes.”

“If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.”

“We are all used to paying a sales tax when we buy things - almost 9 percent here in New York City. The application of this concept to the financial sector could solve our need for revenue, bring some sanity back into the financial sector, and give us a way to raise the revenue we need to run the government in a fiscally responsible way.”

“Sex after one child shows down. After twins... ooh... I'll tell you what it is for us. I'll share it with you. Every three months. We don't plan it that way. That's just how it works out. It's the weirdest thing. You know what I do? Every time I have sex, the next day I pay my estimated tax. My quarterlies are due. If it's oral sex, I renew my driver's license.”

“If President Clinton has his way, we will have a false debate in the 1996 election campaign. It will not engage real political choices - choices framed by our appetite for government services and our distaste for taxes - but rather artificial choices crafted by Clinton to advance his reelection. Clinton has clearly been using the budget as an election platform...I dislike using the word 'lies,' but Clinton exploits such forbearance (widespread in the press) to spread untruths.”

“The only reason the president insists on raising [tax] rates is because he knows it will destroy Republican unity, it will cause a complete fracture of the Republican majority in the house, it will hand him a Congress that he can then manipulate for the next two years at least because the Republicans will be neutered. ... This is entirely a political action, a way to get a surrender from the Republicans.”

“I'll give you a simple formula for straightening out the problems of the United States. First, you tax the churches. You take the tax off of capital gains and the tax off of savings. You decriminalize all and tax them same way as you do alcohol. You decriminalize . You make gambling legal. That will put the budget back on the road to recovery, and you'll have plenty of tax revenue coming in for all of your social programs, and to run the army.”

“Though tax records are generally looked upon as a nuisance, the day may come when historians will realize that tax records tell the real story behind civilized life. How people were taxed, who was taxed, and what was taxed tell more about a society than anything else. Tax habits could be to civilization what sex habits are to personality. They are basic clues to the way a society behaves.”

“Hillary Clinton has decided to line up with John McCain in pushing to suspend the federal excise tax on gasoline, 18.4 cents a gallon, for this summer's travel season. This is not an energy policy. This is money laundering: we borrow money from China and ship it to Saudi Arabia and take a little cut for ourselves as it goes through our gas tanks. What a way to build our country.”

“So on the demand side [for energy], there have been a variety of policies that globally have been way over $50 billion a year of tax credits, raising the price of electricity through things like renewable portfolio standards, so the total amount of money that's gone into sending a price signal to push up demand versus what would happen without it has been gigantic.”

“We're going to build a wall. Donald Trump never said it's going to go from one end of the country, from the Gulf to the Pacific, and he'll use good judgment about that. And there are ways, through tax and regulation policies, that we can - and immigrant fees - that this could be paid for. I have not studied the details of it but, absolutely, I think that is possible.”

“Every presidential candidate for decades has released his tax returns, and I've released 33 years of my tax returns. The American people deserve to know about our taxes. And so Donald Trump is standing in the way of precedent that goes back on both sides of aisle Democrats and Republicans, and he clearly has something that he doesn't want us to see.”

“When I became finance minister in 1991, I discovered that the wealth tax rates income - there was taxation on wealth. It was so atrocious and so high that actually nobody could accumulate money in an honest way. I removed that tax, and the result was that Indian companies for the first time acquired an incentive to grow big, to grow rich.”

“Let's at least acknowledge who is working in America right now and what our needs are, as well as the moral question of somebody who's been here 20 years, paying taxes to which they probably do not receive a refund, and not committing any crimes, working hard, and supporting an industry. Shouldn't there be some middle ground here? Shouldn't there be a way for them to be welcome in this country?”

“Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.”

“Let the Democrates go on making its case for more government control over every aspect of our lives. More taxes to pay. More debt to carry. More rules to follow. More judges who just make it up as they go along. We Republicans, we are committed to a federal government that acts again as a servant accountable to the people, following the constitution, and venturing not one inch beyond the consent of the governed. We, we in this party, offer a better way for our country based on fundamentals that go back to the founding generation.”

“I offer a better way for America with ideas that actually work, a reformed tax code that rewards free enterprise instead of just enterprising lobbyists. A reformed health care system that operates by free choice instead of by force and doesn't leave you answering to cold, clueless bureaucrats. A commitment to a renewed commitment to building a 21st Century military and giving our veterans the care that they were promised and the care that they earned.”

“I was a carpenter in Northern Vermont and got this tax refund check that just about covered a one-way airfare to London. So this I saw as a sign from God. So I went over to see Ray [Hussett] for a couple of weeks and ended up staying 10 years. I got work as a stage carpenter at the Oval House in Kennington, South London.”

“The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.”