Quotes & Sayings About Tax Deductions

The highest-income Americans don't need tax-free health insurance, mortgage interest deductions or deferred taxation on retirement funds. — Steven Rattner

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. — Grover Norquist

Coal and oil lobbyists added fossil fuels to a bill aimed at helping American manufacturers, so they too could claim 'manufacturing' tax deductions. — Bernie Sanders

I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions. — Ralph Hall

In fact, Bopp's law firm and the James Madison Center had the same office address and phone number, and although Bopp listed himself as an outside contractor to the center, virtually every dollar from donors went to his firm. By designating itself a nonprofit charitable group, though, the Madison Center enabled the DeVos Family Foundation and other supporters to take tax deductions for subsidizing long-shot lawsuits that might never have been attempted otherwise. "The relationship between this organization and Bopp's law firm is such that there really is no charity," observed Marcus Owens, a Washington lawyer who formerly oversaw tax-exempt groups for the Internal Revenue Service. "I've never heard of this sort of captive charity/foundation funding of a particular law firm before. — Jane Mayer

I favor the abolition of all Social Security, Medicare and estate taxes. In their place, we should create a simple income tax system that has no deductions or credits at all. — Ari Fleischer

Congress had the opportunity to extend tax relief to working families without increasing the deficit. Instead, we were handed a bill that favors the wealthy and eliminates deductions that benefit the middle class. — Rick Larsen

Government subsidies to elite private universities take the form of tax deductions for people who make charitable contributions to them. — Robert Reich

Tax relief through deductions is very precarious. It is a way for the government to let you keep a little cash without conceding that it is your money. Tax deductions can be taken away. . . "An income tax deduction is a matter of legislative grace," the U.S. Supreme Court said in 1943. In other words, all income belongs to the state. If it allows you to use some of it for purposes it chooses, be grateful. But don't think it is yours as a matter of right. That is where the Sixteenth Amendment to the U. S. Constitution has delivered us. — Sheldon Richman

Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too much money back in '03 and '04, caused the housing collapse. So we need to take free markets seriously. That means we have to put an end to all these tax credits and tax deductions and loopholes. — Dave Brat

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. — Grover Norquist

As a citizen, you have an obligation to the countrys tax system, but you also have an obligation to yourself to know your rights under the law and possible tax deductions
and to claim every one of them. — Donald Alexander

From World War II until 1981 the top marginal income tax rate never fell below 70 percent. Under President Dwight Eisenhower, a Republican whom no one ever accused of being a socialist, the top rate was 91 percent. Even after all deductions and credits, Americans with incomes of over $1 million (in today's dollars) paid a top marginal rate, on average, of 52 percent. As recently as the late 1980s, the top tax rate on capital gains was 35 percent. But as income and wealth have accumulated at the top, so has the political power to reduce taxes. The Bush tax cuts of 2001 and 2003, which were extended for two years in December 2010, capped top rates at 35 percent, their lowest level in more than half a century, and reduced capital gains taxes to 15 percent. — Robert B. Reich

Why I've advocated a proportional tax system. You make $10 billion, you pay a billion. You make $10, you pay one. And everybody gets treated the same way. And you get rid of the deductions, you get rid of all the loopholes. — Benjamin Carson

You must therefore zealously guard in his mind the curious assumption 'My time is my own'. Let him have the feeling that he starts each day as the lawful possessor of twenty-four hours. Let him feel as a grievous tax that portion of this property which he has to make over to him employers, and as a generous donation that further portion which h allows to religious duties. But what he must never be permitted to doubt is that the total from which these deductions have been made was, in some mysterious sense, his own personal birthright. — C.S. Lewis

I do wish, however, that Ms. Olson would give me some credit for the progress I've already made. In 1944, I filed my first 1040, reporting my income as a thirteen-year-old newspaper carrier. The return covered three pages. After I claimed the appropriate business deductions, such as $35 for a bicycle, my tax bill was $7. I sent my check to the Treasury and it - without comment - promptly cashed it. We lived in peace. — Warren Buffett

Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all. — Robert Reich