[Congressional Record Volume 143, Number 111 (Thursday, July 31, 1997)]
[House]
[Page H6622]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




TODAY MARKS A START IN REVISING TAX SYSTEM AND TAX PHILOSOPHY IN UNITED 
                                 STATES

  (Mr. BLUNT asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. BLUNT. Mr. Speaker, we are here today taking a step toward 
revising the tax system and revising the tax philosophy that has too 
long been headed in the other direction. We are here today to decide 
that American families can spend their money better than the Government 
can spend their money.
  The only bad news in the bill for working families today is it is 
going to be 6 months before they begin to see what really happens when 
they have their money back instead of the Government having that money.
  A $500-per-child tax credit means to a family of three, a working 
family of three, $125 every month that the Government has been spending 
that they can now start spending next year. It is going to make a 
difference.
  This bill will make a difference as we work to make education more 
affordable. Vocational education, college education, $5,000 in tax 
credits over 4 years of college; tax savings accounts, education 
savings accounts that are going to be tax free, that allow families to 
save for college. We will not be taxing the interest on student loans 
any more.
  This is a great day for American families, Mr. Speaker.

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