[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4190]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                              {time}  1245
                        THE TRUTH ABOUT TAX CUTS

  (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, Gilbert and Sullivan once said in 
one of their operas ``Things are seldom what they seem.'' We have been 
talking a lot about the protests, and that maybe the tax cuts are 
unfairly divided between rich and poor.
  I think it is important that we remind ourselves what is in this 
legislation. In this legislation what we are going to be voting on is 
$100 billion of spending cuts. That is $23 billion out of discarding 
needless bureaucracy, $24 billion cut in the area of eliminating 
duplication and waste, $10,900,000,000 cut from foreign aid, 
$7,500,000,000 attacking corporate welfare, $22 billion in setting 
empowerment, and an $11 billion spending cut.
  Also what this bill does, it says none of these tax reductions take 
effect until we cut an estimated another $400 billion in spending and 
get on that glide path toward a balanced budget, which is our goal.

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