Andrew Tobias Treasurer, Democratic National Committee Democratic National Convention Monday, July 26, 2004

BOSTON, July 26 /PRNewswire/ -- The following is a transcript of a speech by Andrew Tobias, Treasurer, Democratic National Committee, at the Democratic National Convention on Monday, July 26, 2004:

Hello, Democrats! You know, I write books about money. So let's talk money.

Four years ago in Los Angeles I marveled at the economic progress we had made under President Clinton. Virtually everyone in America was doing better, from the richest to the poorest. In America, that's the way it should be. And that's the way it can be. But is it that way now?

If you're like my friend who gets $3.2 million a year in dividends from a stock he inherited, you are saving $800,000 a year in taxes, which is $800,000 a year he never asked for, $800,000 a year he doesn't need, and -- because we don't have it -- $800,000 a year we are borrowing from our children. If you're like him, you're doing great.

But if you're like most folks, you didn't get $800,000. And the tax cut you did get was offset by higher local taxes and rising tuition and health care costs.

John Kerry will keep the cuts for people making below $200,000 and cut taxes further for 98 percent of Americans. But he'll roll back the cuts for the wealthiest Americans, because with a half trillion dollar deficit, those are cuts we can't afford.

Now let me say something else. It's a historical fact: the stock market does better under a Democrat than a Republican. The job market does better under a Democrat than a Republican. And you can bet both will do better under John Kerry than under this Republican. So if you care about your money -- vote Democrat!

But in Los Angeles four years ago, I said something else. I asked, "What good is net-worth without self-worth?" What good is having millions if you can't visit your partner in intensive care because -- despite your life together -- you are strangers in the eyes of the law? The Constitution defends all Americans, and there should be no exceptions.

You know, Charles and I are celebrating our tenth anniversary next month and we pay a lot of taxes and we should be able to share fully in the promise of America.

So I say to you: We can be a stronger, more prosperous, fairer America. And I have very good news. We will be that America because we're going to win! Thank you very much!

Source: Democratic National Convention Committee

CONTACT:  Peggy Wilhide of the Democratic National Convention Committee,
+1-617-366-3100

Web site:  http://www.dems2004.org/