January 29,1999

Roth Statement on New Surplus Numbers: To Deny Taxpayers a Tax Cut Now is ''Nothing Less Than a Highway Robbery''

WASHINGTON -- The Congressional Budget Office today released new federal budget surplus numbers showing the projected budget surplus to be $2.6 trillion over the next 10 years, a significant increase from last August's CBO estimate of $1.5 trillion. Of the $2.6 trillion, the CBO estimates that $787 billion is non-Social Security trust fund surplus.

Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) released the following statement:

"The new budget surplus estimate -- $2.6 trillion over 10 years -- is great news, and shows what a growth economy can do. Now we need to show what American families can do when we return a significant portion of that surplus to them.

"Americans are being taxed today at the highest rate since World War II. Taxes are so high that American families are finding it increasingly difficult to send their children to school, and to become self-reliant in retirement. To deny Americans significant tax relief while the Government's coffers are getting fat is nothing less than highway robbery. We have the power to help taxpayers with a large tax cut, and we should.

"We should cut taxes 10% across the board today for all Americans and put money where it belongs, in the hands of those who earn it. By reducing marginal tax rates, we can unleash even more growth, and free American families of some of their tax burden.

"The budget surplus will allow this. It will allow us both cut taxes and to shore up Social Security and Medicare. Let's not miss this opportunity to give taxpayers a long overdue break."