[Congressional Record Volume 140, Number 137 (Tuesday, September 27, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: September 27, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
    CONTRACT WITH AMERICA RESTORES FAMILY VALUES TO FEDERAL TAX CODE

  (Mr. HYDE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. HYDE. Mr. Speaker, it is so refreshing to hear Democrats 
concerned about how you pay for things. Indeed, a new era has been 
reached.
  Today's events on the Capitol steps are a brandnew start for the 
American dream. I had the honor of working with our distinguished 
colleague, the gentlewoman from Nevada [Mrs. Vucanovich], to put 
together a major part of the Republican contract with the American 
people. In that part, the American Dream Restoration Act, we start the 
process of restoring family values to the Federal Tax Code.
  First we provide a $500 per child tax credit to partially compensate 
for the decline in the value of the personal exemption and this will 
benefit about 50 million families, 90 percent of whom earn less than 
$75,000 a year.
  Second, we begin the reform of the marriage penalty with up to $2 
billion a year in relief for two-earner families who now pay more in 
taxes than they would if husband and wife were single.
  Finally, we launch a new kind of IRA, the American dream savings 
account, open to all, and available not only for retirement income but 
for education, first-time home purchase, and medical costs.
  That is an agenda for economic growth, broader prosperity, and most 
important, a family-friendly tax system.

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