[Congressional Record Volume 145, Number 19 (Wednesday, February 3, 1999)]
[House]
[Page H385]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              ONE BAD DEAL

  (Ms. SCHAKOWSKY asked and was given permission to address the House 
for 1 minute.)
  Ms. SCHAKOWSKY. Madam Speaker, a 10 percent across-the-board income 
tax cut, what could sound more appealing, more simple, more fair?
  Hearing those words, hard-working American taxpayers start dreaming 
about what they could do with the money. Replace that beater with a new 
car, repair the leaky roof, send their child to college, maybe take 
that long-awaited second honeymoon. Well, forget it.
  The sad truth is that 77 percent of all taxpayers, nearly 35 million 
people, would receive no tax cut at all. A two-parent family of four 
with annual income below $25,000 would get nothing.
  So who benefits from that trillion-dollar tax cut over the next 
decade? Citizens for Tax Justice tell us it is the wealthiest 
Americans.
  Here is the deal. Taxpayers earning $38,000 get back $99. Taxpayers 
earning over $300,000 get a tax cut of $20,000. For most of us, this is 
one bad deal.

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