[Congressional Record (Bound Edition), Volume 151 (2005), Part 9]
[House]
[Page 12005]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        PRINCIPLES OF TAX REFORM

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, we have a tax system that is needlessly 
complicated and burdensome to the middle class. It is time for 
fundamental tax reform that reflects the values and the interests of 
all Americans, not the special interests.
  When President Bush announced his tax reform commission, he said his 
core principle was that it should not hurt government revenues.
  Democrats believe that the core principle of tax reform is that tax 
reform should help the middle class achieve their goals. Tax reform is 
about the middle class and economic growth, not about government 
revenue.
  In the last 4 years the Tax Code has been filled with special breaks 
for special interests. At the same time, the tax burdens have shifted 
from the wealthy to those who work, from dividend to wages.
  What should we do?
  Combine the five educational tax breaks to one tax break for higher 
education for $3,000 for everybody going to college; unify the various 
child credits and earned income tax credit to a single simplified tax 
family credit; simplify the 16 different versions of the Tax Code for 
savings to one universal 401(k) pension; and, finally, encourage 
homeownership. We should create a universal mortgage deduction for all 
taxpayers.
  Mr. Speaker, we need a tax system that reflects the American values 
and fosters the American Dream, not the current system written by and 
for the special interests.

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