Jimmy Carter on Corporations President of the U.S., 1977-1981; Former Democratic Governor (GA)

GOP tax policy is welfare for the rich

FORD: For every dollar of tax reduction we had to have an equal reduction in federal expenditures. With a budget of $395 billion, that would have permitted $25 billion tax reduction. I recommended a 50% cut in the growth of federal spending. With that limitation, we can fully justify tax reductions. With more money in the hands of the taxpayers, and with more money in the hands of business to expand, to modernize, to provide more jobs, we'll have a more prosperous economy.

CARTER: The present tax structure is a welfare program for the rich. The philosophy of the GOP has been to pile taxes on low-income people and to take them off corporations. Since the late 60s, we've had a reduction in the percentage of taxes paid by corporations from 30% to about 20%. We've had an increase in taxes paid by individuals from 14% to 20%. This is what the Republicans have done and why tax reform is important.