[Public Papers of the Presidents of the United States: George H. W. Bush (1992, Book I)]
[March 20, 1992]
[Pages 476-477]
[From the U.S. Government Publishing Office www.gpo.gov]



Message to the House of Representatives Returning Without Approval the 
Tax Fairness and Economic Growth Acceleration Act of 1992

March 20, 1992
To the House of Representatives:
    I am returning herewith without my approval H.R. 4210, the ``Tax 
Fairness and Economic Growth Acceleration Act of 1992.'' In my State of 
the Union Message, I proposed a responsible, balanced economic growth 
program. I challenged the Congress to pass incentives for growth by 
March 20. The Congress failed to meet that challenge. The Congress' 
response, H.R. 4210, is a formula for economic stagnation, not economic 
expansion.
    My Administration's economic growth program would create jobs, 
generate long-term economic growth, and promote health, education, 
savings, and home ownership. My plan would encourage investment and 
enhance real estate values--without tax increases.
    Tax increases would undermine the emerging recovery and act as a 
barrier to long-term growth. I call on the Congress to pass the seven 
commonsense measures that I asked for by this date, without tax 
increases, and to join me in pursuing a long-term agenda for growth.

[[Page 477]]

    I am disappointed that after 52 days the Congress has produced 
partisan, flawed legislation. Rather than work in a constructive manner 
to strengthen the economy and to create jobs, congressional leaders 
chose the path of partisanship. H.R. 4210 would jeopardize the recovery. 
It would not create jobs. It would not create incentives for long-term 
investment and growth, it does not contain a tax credit for first-time 
homebuyers, and it contains wholly inappropriate special interest 
provisions.
    H.R. 4210 would increase taxes by more than $100 billion. More than 
two-thirds of all taxpayers facing tax increases as a result of this 
bill would be owners of small businesses and entrepreneurs. Small 
businesses are the primary source of new job creation.
    H.R. 4210 would raise income tax rates substantially for some 
individuals, in some cases increasing marginal rates by more than 30 
percent.
    This is the wrong time to raise taxes, to increase the deficit, or 
to send a message of fiscal irresponsibility to financial markets.
    I am therefore returning H.R. 4210, and I ask the Congress again to 
pass my economic growth program, without raising taxes.

                                                             George Bush

The White House,
March 20, 1992.