[Congressional Record Volume 144, Number 132 (Monday, September 28, 1998)]
[Extensions of Remarks]
[Page E1834]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      TAXPAYER RELIEF ACT OF 1998

                                 ______
                                 

                               speech of

                           HON. LOUIS STOKES

                                of ohio

                    in the house of representatives

                      Saturday, September 26, 1998

  Mr. STOKES. Mr. Speaker, I rise in strong opposition to the Taxpayer 
Relief Act of 1998, H.R. 4579, and in support of the Democratic 
substitute--which contains all of the tax cuts included in H.R. 4579. 
The Democratic substitute is a sound and responsible alternative as the 
tax cuts take effect only after Congress has enacted legislation to 
ensure the long-term solvency of Social Security.
  At first glance, H.R. 4579 appears to be okay. In fact, it includes 
provisions that: Increase the standard deduction for married couples; 
provide the self-employed with a deduction for health insurance costs; 
and allow families, which take the $500 per child tax credit and the 
Hope Scholarship Credit, to apply such Credits against the alternative 
minimum tax. Each of these tax provisions are borrowed ideas that were 
originally proposed and sponsored by Democratic Members of Congress.
  Mr. Speaker, the fact of the matter is that the Republican leadership 
wants to spend money that it does not have, and that's just 
irresponsible. This tax bill waives the Budget Act, which requires that 
all tax cuts be offset and paid for in full.
  H.R. 4579 takes $177 billion away from Social Security over the next 
then years, and diverts it to tax cuts. The projected surplus is based 
solely on the Social Security Trust Fund. In fact, if it was not for 
the Social Security Trust Fund, we would not even show a budget 
surplus. The budget surplus is comprised of investments that American 
workers have made in Social Security. These funds have already been 
committed to the trust fund.
  This is the wrong pot of money to tap. It will be several more years 
before the non-Social Security portion of the budget is in surplus. By 
raiding the trust fund, H.R. 4579 places the long-term solvency of 
Social Security in danger. This measure depletes critical resources 
necessary to ensure that we can provide retirement benefits to future 
generations of Social Security recipients.
  Mr. Speaker, we must save Social Security first. With the Nation 
enjoying a record budget surplus, we promised the American people--that 
if they would help us to control spending, and help us to balance the 
budget--and that if we could yield a budget surplus--we would use those 
funds to protect Social Security. To act otherwise, would be to renege 
on that critical promise.
  While I have always supported responsible tax cuts that are paid for 
out of the budget, I reject fiscally irresponsible and short-sighted 
efforts such as this. The American people do not want us to jeopardize 
their Social Security benefits. We must preserve the surplus for Social 
Security, strengthen the system and ensure that all Americans will be 
able to enjoy the retirement income security that is provided by Social 
Security well into the next century.
  It is for these reasons that I urge my colleagues to join me in 
opposing H.R. 4579 and in supporting the Democratic substitute.

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