[Congressional Record Volume 144, Number 137 (Monday, October 5, 1998)]
[House]
[Pages H9349-H9350]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            SURPLUS TAX REVENUE, A NEW CONCEPT IN WASHINGTON

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 21, 1997, the gentleman from Illinois (Mr. Weller) is 
recognized during morning hour debates for 5 minutes.
  Mr. WELLER. Mr. Speaker, I appreciate very much the opportunity to 
spend a few minutes talking about not only a great opportunity, but a 
great step forward that was acted upon by this House in the last couple 
weeks.
  One of the greatest commitments we made when we were elected in 1994 
on this new majority was to do something that Washington had failed to 
do for 28 years, and that is to hold the President's feet to the fire 
and hold the congressional leadership's feet to the fire and balance 
the budget and live within our means for the first time in 28 years. We 
succeeded, and I am proud of that success, and this week, the first 
week of October, we are actually enjoying for the first time in 29 
years surplus tax revenue, more money coming into the Federal Treasury 
than we are spending, a new concept here in Washington, but prior to 
1969 it was standard operating procedure in Washington; that is, to 
live within your means. And I am proud that in the last 3\1/2\ years we 
brought fiscal sanity back to Washington.
  Well, the Congressional Budget Office now projects that we have a 
projected surplus of extra tax revenue over the next 10 years of $1.6 
trillion because of this fiscal responsibility. The question is what 
are we going to do with it? Some want to spend it, others want to give 
it back to the American people in helping save Social Security, and of 
course tax relief, and I stand on the side of those who want to give it 
back to the American people.
  We have a plan that we adopted here in the House of Representatives 
and sent to the Senate about 2 weeks ago which takes the $1.6 trillion 
of extra tax revenue and sets it aside to save Social Security and get 
back to the American people tax relief.

                              {time}  1245

  I am proud that the 90/10 plan sets aside 90 percent of surplus tax 
revenues over the next 10 years and we use it to save Social Security. 
Setting aside 90 percent is 1 trillion 400 billion dollars.
  In January, I stood up in a bipartisan applause when the President 
said let us save and use the surplus for Social Security. At that time, 
that surplus was $600 billion. We have done better. We have set aside 
more than twice what the President had asked for by setting aside 1 
trillion 400 billion dollars to save Social Security. What is left, we 
give back to you in tax relief.
  I have often asked in this well a very simple fundamental question. 
Is it right, is it fair that, under our tax code, 28 million married 
working couples pay higher taxes under our tax code just because they 
are married? Is it right, is it fair that a married working couple with 
two incomes pays more in taxes than an identical couple with identical 
incomes living together outside of marriage? That is not right.
  We answer that question in the 90/10 plan. In fact, the centerpiece 
of the 90/10 plan which saves Social Security is we eliminate the 
marriage tax penalty for the majority of those who suffer it. For 2 
million married working couples, we eliminate the marriage penalty, and 
we provide over $240 dollars in extra take-home pay that these 28 
million working couples will be able to keep back at home in places 
like Illinois, my home State. That $240 is a car payment in Joliet, 
Illinois. We eliminate the marriage penalty for the majority of those 
who suffer it. We also simplify our tax code by eliminating the 
marriage penalty for those who suffer it.
  President Clinton, in his response to our effort to save Social 
Security and eliminate the marriage tax penalty, says, well, gee, you 
know, if you use some of the extra tax revenue and give it back to the 
American people in eliminating the marriage tax penalty, he calls it 
squandering that money.
  It is very interesting. They always say in Washington you should not 
listen to what politicians say, you should watch what they do. Because 
in the 90/10 plan, our effort is to eliminate the marriage tax penalty 
and help family farmers and small business people, those who want to 
send their kids off to college, help build schools with school 
construction bond funds.
  We provide about a $7 billion tax cut next year. President Clinton 
calls that squandering. Eliminate the marriage tax penalty; that is 
called squandering under President Clinton's definition. But at the 
same time, President Clinton calls for spending over $14 billion of the 
projected budget surplus of extra tax revenue on the State Department 
and defense spending and all these other new spending ideas that he 
does not feel should go through the regular budget process but he wants 
to use surplus tax revenue for. That just does not make sense.
  If we want to eliminate the marriage tax penalty, that is squandering 
the surplus according to President Clinton. But if you want to spend 
the surplus, it is okay. That just does not make sense.
  Mr. Speaker, this House, with bipartisan support, adopted the 90/10 
plan, a plan which sets aside $1.4 trillion, which is 1 trillion 400 
billion dollars, to save Social Security. We eliminate the marriage tax 
penalty.
  We help family farmers. We help small business people. We help those 
who want to send their kids on to college. We help schools back in 
Illinois. Let us do the right thing. I hope the Senate will join us in 
bipartisan support to pass the 90/10 plan.

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