[Congressional Record (Bound Edition), Volume 147 (2001), Part 2]
[Senate]
[Page 2924]
[From the U.S. Government Publishing Office, www.gpo.gov]



                       THE BUDGET AND TAX RELIEF

  Mr. THOMAS. We are going to debate lots of issues. We went on an 
issue yesterday which was passed. We are going to go to bankruptcy 
today. We will talk about a lot of issues. But the real issue we need 
to work towards and keep in mind, it seems to me, is the budget and the 
tax relief issue we have and that the President has promised and that 
we, I hope, will be able to support. We will be looking at spending, 
budgets, taxes, and the size of tax relief. It is going to be one of 
the most important things we do.
  One important aspect of it is the American people are suffering under 
a record level of taxation, which is 20.6 percent of the gross national 
product. They deserve some relief. The individual tax burden has 
doubled from where it was. We really need to take a long look and 
encourage the private sector that has people who are paying excessive 
amounts of taxes to have those taxes returned and at the same time pay 
down the debt and be able to have a budget that pays for the increases 
we are looking for in education and national security with the 
military, as well as have some reserves. The President's plan does all 
of those things. It puts a limit on spending, which we very badly need.
  It takes care of paying down the debt. That can be paid down between 
now and 2011. It has a reserve for the kinds of things that come up 
unexpectedly and at the same time returns $1.6 trillion in overpaid 
taxes to those people who in fact have paid the dollars.
  We have a lot of important things to look forward to in this 
Congress. I am glad we are now beginning to get to where we are able to 
deal with these issues. I think yesterday was an example of that. I am 
certain we will move forward.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Texas is recognized.

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