[Congressional Record (Bound Edition), Volume 148 (2002), Part 1]
[House]
[Pages 514-515]
[From the U.S. Government Publishing Office, www.gpo.gov]




     PASS ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Illinois (Mr. Weller) is recognized for 5 minutes.
  Mr. WELLER. Mr. Speaker, we have an important vote in this body 
tomorrow, an important vote that has a major economic impact. Our 
Nation is in a recession. When President Bush became President, he 
inherited a weakening economy. In fact, his White House housewarming 
was essentially a weakening economy, and it turned into a recession.
  Under the President's leadership, we passed a tax cut. We decided to 
take 20 percent of the budget surplus that resulted from our efforts to 
balance the budget and take that 20 cents on the dollar, the surplus, 
and give it back to the American people in tax relief. That tax cut was 
signed into law in June. By August, economists were noting that the 
economy was beginning to get better, and then the tragedy of the 
terrorist attack on September 11 occurred, the terrorist attack that 
cost thousands of lives, and since September 11 has cost over a million 
Americans their jobs.
  This House has responded, and of course we twice have passed an 
economic stimulus plan. I would note that on December 21 this House 
passed and sent to the Senate an economic stimulus plan to revive our 
economy. Unfortunately, the Senate failed to act. The bad news today 
is, and it was announced by the Senate majority leader, that the Senate 
was going to shelve any effort to revitalize this economy. That is bad 
news.
  Tomorrow we have another important vote that is going to have an 
impact on the economy, and that is regarding a proposed tax increase 
which Senator Kennedy, Senator Jeffords and others have begun 
advocating. Some have been advocating that we suspend, repeal, or 
delay.


                Announcement by the Speaker Pro Tempore

  The SPEAKER pro tempore. Will the gentleman from Illinois suspend.
  Members are reminded to refrain from referring to Members of the 
other body by name, except as provided in clause 1 of Rule XX.
  Mr. WELLER. Mr. Speaker, some have advocated repealing, delaying, or 
killing the implementation of these tax cuts. That is bad news for the 
economy. If Members look at what is in the tax cuts that are before us 
today, what begins getting phased in in the tax cut, because we were 
unable to do it all in the same year, are some pretty important 
provisions.
  One is our efforts to eliminate the marriage tax penalty. I think 
Members agree that under our Tax Code, it is unfair that married 
working couples pay more in taxes than two single people living 
together. We essentially wipe out the marriage tax penalty in the 
President's cut.

                              {time}  2000

  We help small business by eliminating the death tax, which takes away 
up to 55 percent of the family business when the founder passes on. The 
Bush tax cut also included additional retirement savings benefits which 
are phased

[[Page 515]]

in over the next few years. And, of course, we double the child tax 
credit, currently $500, raising that to $1,000. And for those in the 
top two tax brackets, the 39 percent and the 28 percent, we lower those 
tax brackets from 39 to 35 and from 28 to 25. Those are all in jeopardy 
if we go along with those who want to raise taxes by suspending those 
tax cuts. I have yet to find a real-world economist who tells us that 
it is a good idea to raise taxes during a recession.
  Some of those who have advocated suspending, killing, repealing, 
stopping the Bush tax cuts say it is really not a tax increase because 
those tax cuts have not gone into effect yet; but they were the same 
ones who a few years ago said that if you slow down the rate of growth 
on Medicare, that it is a Medicare cut, so we are using the same 
definition. The bottom line is suspending, stalling, repealing, 
delaying the Bush tax cut is a tax increase.
  I would note a couple of key things. The Secretary of the Treasury 
was before the House Committee on Ways and Means today. When asked what 
is the economic impact of a tax increase, of delaying, stalling, 
repealing or killing the Bush tax cut, he said it would be devastating 
to the economy. Over a million Americans have lost their jobs and more 
would lose their jobs with a tax increase.
  I would note on the rate reductions that 17 million small business 
owners and entrepreneurs pay taxes under the individual income tax 
rates, the two top brackets that are going to be phased in. Think about 
it. Who is it that is going to bring about the revival of this economy? 
It is not the major corporations, the big guys. It is the little guys 
and gals, the entrepreneurs, the small businesspeople. Eighty percent 
of those who pay taxes under the top two brackets, the two brackets 
being phased in, are small businesspeople and entrepreneurs. We know 
they generate the most jobs. We think as Members of this House about 
our neighbors, if every small business on Main Street or Liberty Street 
in my hometown of Morris, Illinois, hired one more worker, what that 
would mean. And, of course, raising taxes on those small businesspeople 
will make it much harder to provide those jobs.
  From a consumer's standpoint, if you raise taxes, you take money out 
of their pocket. When consumers have less money to meet the needs of 
their families, they are not able to spend it in our local stores, in 
our local businesses, buying products and services. When a consumer 
buys a pickup truck, there is an autoworker who makes it. When a 
consumer buys a PC, a personal computer or a laptop, there is a worker 
somewhere that produces that; and a tax increase will make it much more 
difficult.
  Mr. Speaker, we have the opportunity tomorrow to go on the record: 
Are you for continuing the tax cut, or are you for raising taxes? 
Tomorrow this House will have the opportunity to vote for keeping the 
tax cut or for raising taxes. It is a simple choice. Everyone will have 
the opportunity to go on the record. I urge and ask bipartisan support 
for preserving the tax cut and ensuring that we get this economy moving 
forward again and give hundreds of thousands of Americans the 
opportunity to go back to work.

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