[Congressional Record Volume 156, Number 125 (Thursday, September 16, 2010)]
[House]
[Page H6766]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         HISTORY IS INSTRUCTIVE

  (Mr. MORAN of Virginia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. MORAN of Virginia. Mr. Speaker, history is instructive on almost 
every issue we face in this body. Today's issue is whether we should 
take action so that the wealthiest Americans don't have to pay an 
income tax rate of 39.6 percent.
  So let's look back at when they were taxed at that rate during the 
Clinton administration. Well, what happened was exactly the opposite of 
what the Republican Party predicted would happen. In fact, people at 
that rate brought home more after-tax income than at any time in 
American history. Twenty-two million new jobs were created, and we had 
record budget surpluses. And in fact, at the end of this month we were 
projected to have paid off all of the debt, relieving our children and 
grandchildren of any of the debt that we would have otherwise burdened 
them with. Alan Greenspan was worried we didn't have enough debt 
floating out there.
  But instead, when President Bush was elected, one of the very first 
things he did was to try to finance two wars with two deep tax cuts, 
none of it paid for and now we have $12 trillion of debt. Let's look at 
history and learn for it.

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