[Congressional Record Volume 145, Number 116 (Thursday, September 9, 1999)]
[Extensions of Remarks]
[Page E1842]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              PRESIDENT SHOULD SIGN FINANCIAL FREEDOM ACT

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                            HON. RON PACKARD

                             of california

                    in the house of representatives

                      Thursday, September 9, 1999

  Mr. PACKARD. Mr. Speaker, I would like to emphatically urge President 
Clinton to sign the Financial Freedom Act into law when it reaches his 
desk. After hearing from my constituents over the August recess. I am 
convinced that America's hard working taxpayers do want tax relief. 
America's families today face staggering levels of taxation. Over the 
next 10 years, the average family will pay $5,307 more in taxes than 
the government needs to operate. The Financial Freedom Act of 1999 will 
shift money, power and resources out of Washington and back to 
America's families.
  The Financial Freedom Act offers meaningful tax relief for every 
taxpayer by lowering income tax rates across-the board. It also reduces 
the Marriage Tax Penalty, repeals the Death-Tax, cuts the capital gains 
tax rate, expands Education Savings Accounts and increases private 
pension coverage. Additionally, the legislation expands access to 
affordable health care by increasing consumer choice and allows 
families without employer-paid coverage to deduct 100% of health 
insurance and long-term care premiums. Finally, the Financial Freedom 
Act leaves more than $2 trillion for Social Security and Debt 
Reduction.
  Mr. Speaker, I trust the American people to spend their own hard-
earned dollars as they see fit. The President doesn't think families 
can make the right spending decisions for themselves and their 
children. I disagree. The truth is, it is not Washington's money to 
spend in the first place. The President should help give it back by 
signing the Financial Freedom Act into law.

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