Chairman Roth Speaks about Broad-Based Tax Cut Plan at Press Conference
WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE), made the following remarks at today's press conference on S. 3, The Tax Cuts for All Americans Act:
"Americans shouldn't have to wait 15 years for a tax cut.
"But, if we were to enact the plan outlined by President Clinton on Tuesday night, that is exactly what would happen. Americans would have no significant tax relief until at least the year 2015. And that is just plain wrong.
"It is wrong that in era of ever-increasing budget surpluses Americans are being taxed at the highest rate in 50 years.
"It is wrong that 20.5% of our GDP is going into federal coffers -- the highest rate since World War II -- that our families are finding it increasingly difficult to send their children to school, and to become self-reliant in retirement.
"This Congress can do something about that. We will do something about it. With this legislation we offer Americans a ten percent across-the-board tax cut -- a broad-based tax cut -- one that will put money where it belongs, in the hands of those who earn it.
"The budget surplus will allow this. It allows us to do this and to shore up Social Security at the same time. Washington demonstrated last year that unless the surplus is given back to the taxpayer the government will spend it.
"The Tax Cuts for All Americans Act is the right and necessary thing to do.
"The broad-based tax cut in this package is the simplest, fairest, and -- I believe -- most productive way to give the money back to the taxpayer and to see that the economic growth our nation is enjoying continues well into the future.
"Broad-based tax cuts will also be the best way to return hard-earned money to the taxpayer without increasing IRS intrusion into the lives of Americans.
"With this legislation, a married couple with $75,000 adjusted gross income and two children would have their 1999 taxes cut of more than $1,000.
"A single person with $50,000 in adjusted gross income would see his tax bill cut nearly $1,000. A single person with $35,000 in adjusted gross income would have his taxes cut nearly $500.
"Americans families can't afford to wait 15 years for a tax cut. We need to put their hard earned money back in their hands today, and we can with this tax cut."
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