[Congressional Record Volume 140, Number 53 (Thursday, May 5, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 5, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                    THURSDAY, MAY 5--TAX FREEDOM DAY

  (Mr. SMITH of Michigan asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Michigan. Mr. Speaker, I rise today to remind my 
colleagues that today, May 5, is a very special day. It is Tax Freedom 
Day.
  What that means is that for the first 125 days of this year you have 
been earning enough money to pay it all to government to pay your 
taxes.
  How big do we want government to be? Think about it. One answer is to 
say ``Why don't we just borrow more money?''
  Well, let me ask the Members a question. Out of all the money lent in 
this country, out of all the money borrowed in this country, guess how 
much money government borrows? The answer is: 52 percent. So guess who 
is driving up the interest rates of this country. The answer is: 
government. Government is taking 52 percent of all the available money, 
taking it away from people who want to use it for a college education, 
for a car, a home, or, more importantly, maybe for business expansion.
  We have got to reduce spending. If you are an average American, 
local, State and national taxes take 41 cents out of every $1 you earn. 
We have got to cut spending.
  Coincidentally, we have a petition that would allow this Chamber to 
vote from A to Z to cut spending. Let us be fair to the American 
people. Let us be fair to our grandkids. Let us cut spending. Let us 
sign the A to Z petition and cut spending.

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