[Congressional Record Volume 154, Number 10 (Wednesday, January 23, 2008)]
[House]
[Page H392]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




A PANACEA TO THE ECONOMIC GROWTH CHALLENGE: THE FAIR AND SIMPLE TAX ACT

  (Mr. DREIER asked and was given permission to address the House for 1 
minute and revise and extend his remarks.)
  Mr. DREIER. Madam Speaker, as virtually everyone is talking about the 
need for us to have an economic stimulus package, I am very proud today 
to be introducing what I think is the closest thing to a panacea to the 
economic growth challenge that we are facing.
  This plan that I have introduced is the brainchild of my friends Bill 
Simon, Jennifer Pollom and Mike Boskin. It is a plan that is designed 
to allow people at the lower end of the spectrum on their first $40,000 
in income to pay 10 percent, on income between $40,000 and $150,000, 15 
percent, and on income above $150,000, 30 percent.
  It also, Madam Speaker, goes to the notion of encouraging economic 
growth by cutting the capital gains rate from 15 percent to 10 percent 
and cutting the top corporate rate from 35 percent to 25 percent. 
Remember, we have the second highest rate in the entire world when it 
comes to corporate tax. We need to focus on the issue of economic 
growth. It will actually apply the death penalty to the death tax, and 
it will take the alternative minimum tax and index it and ultimately 
eliminate it.
  Madam Speaker, this is what we need to do to stimulate our economy. 
This is what we need to do to empower the people who will move and 
propel our economy forward. I urge my colleagues, Democrats and 
Republicans alike, to join as cosponsors of this very important 
legislation.

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