Jack Kemp Quotes
Its no secret that I've never liked tax credits.
Kondracke, Morton, and Fred Barnes. Jack Kemp: The Bleeding-Heart Conservative Who Changed America. Sentinel, 2015.
This is the basis for the difference between tax evasion which is illegal and tax avoidance which is legal—made so by this Supreme Court decision.
[If a business takes other investors in to finance its growth or expansion, there are no tax consequences with the equity investment. However, if the same business borrows money from a bank, the business can deduct the interest cost of the debt from their federal and usually state taxes. If an individual buys a house and takes a large mortgage, the owner can deduct the interest from his taxes. However, if she instead does the more prudent and safe thing and puts more cash equity and takes a smaller mortgage, she only gets a small tax deduction.]
At the time Rangel was the Chairman of the House Ways & Means Committee which had jurisdiction over tax matters.
Jack French Kemp was an American politician and a professional player in both American football and Canadian football. A member of the Republican Party from New York, he served as Housing Secretary in the administration of President George H. W. Bush from 1989 to 1993, having previously served nine terms in the United States House of Representatives from 1971 to 1989. He was the Republican Party's vice presidential nominee in the 1996 election, as the running mate of presidential nominee Bob Dole. Kemp had previously contended for the presidential nomination in the 1988 Republican primaries.
