[Congressional Record (Bound Edition), Volume 147 (2001), Part 4]
[House]
[Pages 4671-4672]
[From the U.S. Government Publishing Office, www.gpo.gov]



                          TAX RELIEF THIS YEAR

  The SPEAKER pro tempore (Mr. Weldon of Florida). Under the Speaker's 
announced policy of January 3, 2001, the gentleman from Indiana (Mr. 
Pence) is recognized during morning hour debates for 5 minutes.
  Mr. PENCE. Mr. Speaker, I rise today to call the House's attention to 
the current debate about retroactive tax cuts for all American 
families. Some of my colleagues may have missed some important 
developments over the past few days that reflect what I believe, Mr. 
Speaker, is a major shift in the conventional wisdom about President 
Bush's tax cut proposal. Forgive me for being indelicate, Mr. Speaker, 
but everyone today seems to be singing the President's tune.
  Mr. Speaker, first our Democratic colleagues said that the 
President's tax cut proposal was a risky scheme. My colleagues may 
remember last year that most of them voted against a tax cut that was 
just 70 percent of the total that they are now supporting as an 
alternative to the President's plan. They may not want us to remember 
their old

[[Page 4672]]

position, Mr. Speaker, but the facts are plain. Their message on tax 
relief has definitely changed.
  This weekend the President of the United States and even Senator Kent 
Conrad both said, ``We ought to act now on tax relief.'' The momentum 
in the political debate continues to move in the right direction, Mr. 
Speaker, namely toward larger, retroactive tax cuts this year. Even the 
toughest critics of tax relief said if you are going to use tax 
reductions as a method for economic stimulus, you must act quickly to 
have any effect whatsoever. Tax cuts will be meaningless to this year's 
economy, Mr. Speaker, unless they take effect this year. Our faltering 
economy is not just about a jittery stock market. There is no need to 
beam up any one around here today. Everyone seems to agree with the 
gentleman from Arizona (Mr. Flake) and I, tax relief is the new 
religion, Mr. Speaker; and everyone has caught it in Washington, D.C.
  Finally, Treasury Secretary Paul O'Neill and Alan Greenspan of the 
Federal Reserve have both said that America's economy is experiencing a 
crisis in consumer confidence. No other single thing that Congress 
could do this year will do more to improve consumer confidence than by 
providing tax relief for every taxpayer that begins January 1 of this 
year.
  Mr. Speaker, the idea of retroactive tax relief is an idea whose time 
has come. This Congress should act and act now.

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