[Congressional Record Volume 144, Number 20 (Wednesday, March 4, 1998)]
[House]
[Page H762]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        TARGETED TAX CUTS NEEDED

  (Mr. MORAN of Virginia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. MORAN of Virginia. Mr. Speaker, I came to the well because I have 
heard one speaker after another from the other side suggest that the 
President came out against tax cuts and that the natural reaction of 
the Democratic Party is to be opposed to tax cuts.
  I would remind my colleagues that in fact the President has proposed 
a number of tax cuts, and that in fact a majority of the Democrats 
voted for tax cuts as part of the balanced budget agreement. What we 
are opposed to is eliminating the Tax Code, as the other side has 
proposed, without anything to replace it. That could wreak havoc on our 
economy.
  Imagine when banks and the real estate community have to determine 
what would be the real cost of homes, for example, if you did not have 
a mortgage interest deduction, or any number of other assets if you did 
not have depreciation expenses.
  We are in favor of tax cuts, but targeted tax cuts; tax cuts for 
families who are finding it difficult to afford child care expenses, or 
higher education expenses. Targeted tax cuts is what we need, not 
irresponsible elimination of the Tax Code.

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