[Congressional Record Volume 146, Number 135 (Wednesday, October 25, 2000)]
[House]
[Page H10815]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      GOVERNOR BUSH'S TAX PROPOSAL

  (Mr. SHERMAN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. SHERMAN. Mr. Speaker, we are engaged in a great fiscal debate, a 
debate that is clouded by fuzzy fiscal figures. We are told by the 
Governor of Texas that he will provide tax relief to every American who 
pays taxes. This is simply not true.
  Fifteen million Americans pay FICA tax that is pulled out of their 
wages, and these 15 million Americans who pay FICA tax but do not pay 
income tax will not get a single penny of relief from the Governor's 
proposal.
  Second, he tells us that he will provide only $223 billion of tax 
relief to the richest one percent of Americans. He does this by 
ignoring his own estate tax repeal, which will cost $50 billion a year, 
$500 billion over 10 years, meaning that his plan will actually provide 
well over $700 billion to the wealthiest one percent of Americans.
  Mr. Speaker, this debate is important. We need to look through the 
fuzzy fiscal facts and see it clearly.

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