[Congressional Record Volume 144, Number 136 (Friday, October 2, 1998)]
[House]
[Pages H9339-H9340]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      BIG WEEK IN NATION'S CAPITAL

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Illinois (Mr. Weller) is recognized for 5 minutes.
  Mr. WELLER. Mr. Speaker, this week is a big week here in our Nation's 
capital. Yesterday was October 1 and yesterday was the first day of the 
new fiscal year, and we are celebrating something that has not occurred 
for 29 years.
  This week we are celebrating the first not only balanced budget in 29 
years, but the first budget surplus in 29 years, where we actually have 
more tax revenue coming into our Treasury than we are spending. It is 
now projected that over the next 10 years that this budget surplus will 
contain $1.6 trillion, that is $1 trillion, $600 billion, in tax 
revenue more than we are spending.
  We have to make some choices now, of course, on what we are going to 
do with that extra money, money that the hard-working folks back home 
send to Washington. Just a week ago, 10 days ago, we made a choice, and 
with a bipartisan vote this House adopted what is called the 90-10 
plan, a plan which sets aside 90 percent of surplus tax revenues to 
save Social Security.

                              {time}  1645

  Ninety percent, of course, equals $1.4 trillion, $1,400,000,000,000, 
is surplus tax revenues being allocated under the 90/10 plan to save 
Social Security. I might note when the President first discussed the 
idea of using surplus tax revenues to save Social Security in January, 
the projected surplus at that time was $600 billion, and, since then, 
because of the economy and because of fiscal responsibility here in 
this House, we now have a $1.6 trillion surplus tax revenues. Under the 
90/10 plan, we set aside more than twice what the President asked for. 
$600 billion by the President; we set aside $1.4 trillion.
  That is a big victory, because the remaining 10 percent we give back 
to the American people. Ninety percent goes to Social Security; the 
remaining 10 percent goes back to the American people.
  Representing the south side of Chicago and the south suburbs, I think 
it is important to point out that the 90/10 plan not only saves Social 
Security, the 90/10 plan helps eliminate the marriage tax penalty, 
helps Illinois farmers, helps Illinois small business people, helps 
Illinois schools and helps parents in Illinois who wish to send their 
kids on to college.
  I might also note that while we propose to give extra tax dollars 
back to the taxpayers as well as saving Social Security, the President 
says he wants to save Social Security and spend the rest. I might note 
in the 90/10 plan we provide about $7 billion in tax relief in 1999, 
this coming year, whereas the President wants to spend $14 billion of 
the surplus. It is kind of interesting he would spend twice as much as 
we want to give back of the surplus to the American people.
  Not only does our plan save Social Security, but, as I pointed out, 
it eliminates the marriage tax penalty for the majority of those who 
suffer the marriage tax penalty. I have often stood in this well and 
raised the question, is it right, is it fair, that 28 million married 
working couples with two incomes pay higher taxes under our Tax Code 
just because they are married? In fact, under our Tax Code, married 
working couples with two incomes pay more in taxes than identical 
couples with identical incomes living together outside of marriage. 
That is just wrong.
  Our plan here, the 90/10 plan, eliminates the marriage tax penalty, 
and it not only eliminates it for the majority of those who suffer it, 
but for 28 million married working couples, they will see an extra $240 
in extra take-home pay next year under our proposal. That is a car 
payment. That is a month or two of day care in Joliet, Illinois. That 
is real money for real people. Also six million married taxpayers will 
no

[[Page H9340]]

longer need to itemize under our marriage tax relief plan. We are 
bringing fairness, we are bringing simplicity, to the Tax Code.
  Also, because we want to encourage individuals to save more for their 
retirement and future, save for education, the 90/10 plan not only 
eliminates the marriage tax penalty and saves Social Security, but it 
also rewards savings by allowing a single person to have their first 
$100 in savings interest tax exempt, and for a married couple the first 
$200. For a married couple they could have $10,000 in a savings account 
and essentially that interest they earn will be tax-free. That also 
simplifies our Tax Code, because 10 million couples will no longer need 
to itemize.
  Mr. Speaker, the 90/10 plan saves Social Security. The 90/10 plan 
eliminates the marriage tax penalty for the majority of those suffer 
it, it helps Illinois farmers, it helps Illinois small business, it 
helps Illinois schools, it helps Illinois parents.
  My hope is in the next week the Senate will take up this legislation, 
give it the same kind of bipartisan support it received here in the 
House, and I also hope the President will join with us to save Social 
Security and eliminate the marriage tax penalty.

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