[Congressional Record Volume 147, Number 34 (Wednesday, March 14, 2001)]
[House]
[Page H904]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          BRING FINANCIAL SECURITY AND STABILITY TO TAXPAYERS

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Florida (Mr. Foley) is recognized for 5 minutes.
  Mr. FOLEY. Mr. Speaker, I am delighted to be here today to try and 
urge my colleagues here in this Chamber and the one across the hall on 
the urgency of the tax package laid before us, passed by this House, 
supported obviously by the President who is in New Jersey today trying 
to urge the Senators from that particular State to be supportive.
  Obviously as you watch Wall Street and look at the Dow Jones 
Industrial Average and you look at the Nasdaq and all of the economic 
indicators, and also the job losses occurring throughout the country, 
it becomes more clear and apparent of the urgency of the Economic 
Growth and Tax Relief Act passed by our body.
  We have been certainly applauded and ridiculed by some Members for 
the speed we brought that bill to the Committee on Ways and Means and 
then ushered it to its passage on the floor. I will add that we lost 
not one Republican in the Tax Relief Act, and in fact gained 10 
Democrats and one Independent.
  Now it is obviously a major, important issue for us to have the 
Senators consider the important ramifications of not adopting this very 
important tax relief effort of the President. First and foremost, 
giving everyone a raise is important because it allows taxpayers to 
keep more money in their pockets, support their families better, and 
reduce the burden placed on them by government.
  Should Americans spend 40 percent of their income in Federal, State 
and local taxes? That is a basic question. That is a fairness question 
and needs to be answered by all parties. I think it is unfair that 40 
percent of American's income is paid in Federal, State and local taxes.
  Should families pay more in taxes than for food, clothing, and 
shelter combined? That makes no sense whatsoever. Wasteful Washington 
spending is a dangerous road to travel in a weaker economy. We are 
concerned. We hear the notion of triggers that have been advocated by 
some, and we suggest if you use a trigger on anything, use it on 
spending as well, to make sure that budget surpluses do not continue 
and we do not spend our way back into the days of a $5.7 trillion 
accumulated debt which we witnessed when we came to Congress in 1994 
and quickly reversed.
  We should let the American people spend their own money to meet their 
own needs. There are too many people in this Chamber and too many 
people in this Capitol who believe that the money sent to us is 
Washington's money not the people's money. People every day go to work 
and work very hard to make a living for themselves and their families 
only to see so much money taken out in the form of taxation: Income 
tax, estate tax, excise taxes, property taxes, you name the litany of 
taxes, whether it is on your cable bill, TV bill or other charges such 
as gasoline taxes.
  What will happen if we pass our tax relief bill. We believe more 
jobs, more take-home pay, a stronger economy. It will save the average 
family of four earning $55,000 a year, certainly not rich, 
approximately $1,930. To some that may be small, but to the family 
earning $55,000, that is a watershed of new moneys to help save for 
college or pay for prescription drugs.
  At least 60 million women income-tax payers will save money with our 
plan. More than 60 million African American income-tax payers will save 
money with our plan. More than 50 million Hispanic income-tax payers 
will save money on our plan. This means more money for college, a 
second car, or even a much-needed vacation.
  So let us not have the constant politics-over-people argument that 
seems to resonate in our capital city. Let us put people before 
politics and pass a bill that will help us bring financial security and 
stability to our taxpayers. Let us return their hard-earned money to 
them so they can spend it in their community, on their families and on 
their priorities. Let us not make our priorities forced upon them. We 
can balance Social Security and secure it for the future. We can save 
Medicare. We can do so many things, including a prescription drug 
policy, but we also have to recognize that every priority a Member of 
Congress assumes is so does not need to be that of every American.
  Mr. Speaker, let us balance the objective and rule with fairness and 
provide relief, fiscal strength and security, and move this bill 
forward so that the President of the United States can have a chance to 
pass this very important legislation.

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