[Congressional Record Volume 145, Number 100 (Thursday, July 15, 1999)]
[House]
[Pages H5579-H5580]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            LET US NOT GO OVERBOARD WITH IRRATIONAL TAX CUTS

  (Mr. MORAN of Virginia asked and was given permission to address the

[[Page H5580]]

House for 1 minute and to revise and extend his remarks.)
  Mr. MORAN of Virginia. Mr. Speaker, our message today is really 
directed at the majority. We are asking them not to shoot themselves in 
the foot, not to let this wonderful economy be dissipated by policies 
that are contrary to the public interest, tax cut policies that are 
counterproductive at best and severely damaging to our economy at 
worst.
  We know that we are enjoying the finest economy that this country has 
ever experienced. And it can be a sustainable economy. We have had a 
decade of unprecedented profits and productivity with low inflation and 
high employment.
  The only thing that could kill that prosperity now is a tax cut that 
was too deep, that was irrational, that gave relatively small amounts 
of benefit to a lot of people who need them the least. The fact is that 
too deep a tax cut will arrest the kind of controlled inflation and low 
unemployment that we are now experiencing. An $800-billion tax cut is 
too deep.
  We can responsibly target our tax cuts and achieve more at \1/3\ the 
revenue cost. We can keep this economy going. We can keep inflation 
low. Do not give Mr. Greenspan reason to increase interest rates. We 
have got a good thing going. Let us keep it going. Do not go overboard 
with an irrational tax cut.

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