[Congressional Record (Bound Edition), Volume 147 (2001), Part 3]
[House]
[Pages 3297-3298]
[From the U.S. Government Publishing Office, www.gpo.gov]



    PROUD TO SUPPORT THE ECONOMIC GROWTH AND TAX RELIEF ACT OF 2001

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from New York (Mr. Grucci) is recognized for 5 minutes.
  Mr. GRUCCI. Mr. Speaker, I rise today proud to have supported the 
Economic Growth and Tax Relief Act of 2001. With an economy sputtering, 
the time is now for us to act proactively and implement a reasonable 
and fair tax relief package that will benefit our hard-working, middle-
class families and small businesses.
  In New York's First Congressional District, where the cost of living 
is higher than in many regions of our Nation, the Economic Growth and 
Tax Relief Act of 2001 will jump start our local economy and put the 
money back where it belongs: in the pockets of the taxpayers. They 
created the tax surplus; they should get it back.
  This much-needed tax relief will be put to better use by offsetting 
costs for our families, costs like a college education for a young 
person, a mortgage payment, or they will be able to support our small 
businesses and our local economy. Those middle-class working families 
earning $50,000 will see a $1,600 tax cut in their taxes. That is a 50 
percent cut. A family of 4 earning $35,000 would see 100 percent tax 
cut. Now, that is fair. And that is reasonable tax relief, and that is 
real tax relief for middle-class working families.
  In addition, this tax package will leave more money in New York 
State.

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New York already contributes about $17 billion more in taxes to 
Washington than it gets back.
  The Economic Growth and Tax Relief Act of 2001 will cut that deficit 
by $9.7 billion. As a former town supervisor, I know firsthand how 
reasonable tax relief can help families and local economies create 
thousands of new jobs, provide essential services, and still maintain a 
multimillion dollar annual surplus. The hard-working, middle-class 
families of Long Island's First Congressional District and throughout 
our Nation should have their tax dollars back. We have accomplished 
this while we protected and locked away Social Security and Medicare 
funds and reduced our national debt by a historic rate.

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