House of Representatives - October 08, 2004

JOHN KERRY'S HANDOUT TO THE RICH

Mr. Speaker, 

Despite what he says, under John Kerry's tax plan, a multi-billionaire could get away without paying 1 penny more in taxes. 

The problem is Mr. Kerry does not distinguish between wealth and taxable income. Many truly wealthy do not receive a lot of taxable income. 

They put their money in tax-sheltered investments. If Mr. Kerry were truly serious about taxing the wealth, he would propose eliminating these tax shelters and penalize wealth directly.

Instead, Mr. Kerry would raise taxes on small business owners, ranchers and family farmers. They all work hard, but many are asset rich in land and equipment and cash poor. 

They are not wealthy. Many borrow money to start or grow businesses and often have high expenses. 

But if Mr. Kerry gets his way, these hard-working families would see more of their dwindling resources go to Uncle Sam while the truly wealthy get richer. 

Mr. Kerry's plan might sound good, but it is just a back-door tax hike on working families while giving the truly wealthy a pass.