[Congressional Record Volume 145, Number 9 (Wednesday, January 20, 1999)]
[Senate]
[Pages S802-S803]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ADDITIONAL STATEMENTS

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                     TAX CUTS FOR ALL AMERICANS ACT

 Mr. ROTH. Mr. President, I am pleased to sponsor the Tax Cuts 
for All Americans Act with Senator Rod Grams, Senator Lott, the 
distinguished Majority Leader, and other Members.
  Let me begin by saying that this Congress holds the promise of being 
the most productive in recent memory because we have the opportunity to 
build on some notable successes. In just the past few years we reformed 
the IRS, provided tax relief, voted to ratify NATO enlargement, 
expanded health care for children, and created new opportunities for 
Americans to save--all while balancing the budget and strengthening 
Medicare.
  Our agenda for the next two years must be to build on these 
successes. Accomplishing this will include tax reform, shoring up 
Social Security, and promoting economic opportunity for individuals and 
families.
  It is wrong that in an era of every-increasing budget surpluses 
Americans are being taxed more than ever before. It is wrong that 20.5% 
of our GDP is going into federal coffers--the highest since World War 
II--that our families are finding it increasingly difficult to send 
their children to school, and to become self-reliant in retirement.
  This Congress can do something about that. We will do something about 
it. With this legislation we offer Americans a ten percent across-the-
board tax cut--a broad-based tax cut--one that will put money where it 
belongs, in the hands of those who earn it. The budget surplus will 
allow this. It allows us to do this and to shore up Social Security at 
the same time. Washington demonstrated last year that unless the 
surplus is given back to the taxpayer the government will spend it.
  The Tax Cuts for All Americans Act is the right and necessary thing 
to do. The broad-based tax cut in this package is the simplest, 
fairest, and--I believe--most productive way to give the money back to 
the taxpayer and to see that the economic growth our nation is enjoying 
continues well into the future. Broad-based tax cuts will also be the 
best way to return hard-earned money to the taxpayer without increasing 
IRS intrusion into the lives of Americans.
  Beyond this legislation, in this Congress we will also address the 
Alternative Minimum Tax--a set of rules in the code that has grown out 
of control. The AMT was originally intended to ensure that wealthy 
taxpayers were

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not able to use loopholes and shelters to arrive at a zero tax 
liability. Unfortunately, due to the fact that the AMT was not indexed 
it has turned into a debilitating liability with the code affecting 
millions of middle-income taxpayers. Something must be done.
  These proposals are all about one thing: increasing personal and 
family financial security--helping Americans meet their needs today and 
prepare for their needs tomorrow. I intend to push this agenda by going 
beyond a broad-based tax cut and creating incentives to promote and 
strengthen pensions and personal retirement accounts. I have proposed a 
plan to increase IRA contributions to $5,000 a year, and to allow up to 
$2,000 a year to be placed into education savings accounts.
  I will also introduce legislation to dedicate a portion of the ever-
increasing budget surplus to creating Personal Retirement Accounts for 
every worker--giving individuals at all income levels an opportunity to 
own a piece of America's economic future.
  This is the most important agenda we can have as we look to a new 
millennium--a millennium that I believe will be bright and prosperous, 
one that will hold great promise for all Americans if we stay focused, 
work cooperatively, and put the interests of hard-working taxpaying 
families before the interests of a big-spending, over-bearing 
government.

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