[Congressional Record Volume 147, Number 42 (Tuesday, March 27, 2001)]
[Extensions of Remarks]
[Page E455]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               THE EMERGENCY ECONOMIC REVITALIZATION ACT

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                            HON. MAC COLLINS

                               of georgia

                    in the house of representatives

                        Tuesday, March 27, 2001

  Mr. COLLINS. Mr. Speaker, today I rise to introduce The Emergency 
Economic Revitalization Act. The time for Congress to provide taxpayers 
and our nation's stumbling economy with an infusion by refunding tax 
revenues is now. In the past, Congress has regularly provided emergency 
funds for a variety of needs for specific groups suffering economic 
loss. Following that precedent, it is time that we provide emergency 
relief for those who bear the brunt of the current ailing economy. They 
are the same group, who because of this emergency assistance, will have 
the greatest ability to provide an economic rebound--the taxpayers.
  My legislation will provide every single taxpayer, who had a 
liability in tax year 1999, with a rebate of 5 percent. These refunds 
will be made this year, making sure that we give individuals and 
families their own tax funds back as soon as possible. This is the kind 
of injection into the economy that will make a real difference today.
  Waiting until the current economic emergency reaches crisis 
proportions will be too late. Tax proposals that phase relief in over 
2, 5, or 10 years provide nothing for today's economic slowdown. 
Additionally, legislation that promises a few extra dollars for 
individuals who do not have a tax liability to begin with, is simply 
not enough.
  As we know, the President has taken the lead in recognizing the fact 
that returning tax overpayments to taxpayers is the best and most 
effective way to provide the economy with a shot in the arm. However, 
when the President established the $1.62 trillion tax cut threshold 
during his Presidential campaign, our national economy was much 
stronger. Today, we are at the beginning of an economic emergency. 
While the tax bills currently moving through Congress provide limited 
tax relief in the future, these measures are simply not enough to make 
a real economic difference now. My legislation will provide relief this 
year and will not breach the $1.6 trillion threshold the President has 
established for fiscal year 2002 and beyond. My proposals are intended 
to supplement the initiatives supported by the President and the 
Congress.
  Enacting meaningful tax reductions, that affect all taxpayers across 
the board, is the only real way we have of stopping the economic down 
turn. Now is the time for Congress to respond accordingly. I urge my 
colleagues to join me in this effort and hope we can enact this 
legislation in the very near future.




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