WASHINGTON, D.C. -- Sixth District Congressman Frank Lucas (R-OK) joined fellow Members of Congress at a press conference on the steps of the Capitol today to celebrate the reality of the long awaited Republican tax cuts.

"When I see we are going to balance the federal budget for the first time since 1969 and grant broad tax cuts to Americans who haven't seen them since 1981, I call it a home run...make that a grand slam for the American people," Lucas said. "Although I have been tromping around the 24 counties of the Sixth District of Oklahoma explaining to folks that what we need in Congress is base hits, you will definitely see me clapping for this home run."

The Taxpayer Relief Act of 1997 (H.R.2014) and the Balanced Budget Act of 1997 (H.R. 2015) together make up the twin reconciliation bills that will balance the budget by 2002, provide tax relief, save Medicare from bankruptcy, assure health care coverage for uninsured children, and decrease the size of government. Although technically the changes in these bills -- agreed to by the Clinton Administration and Congress -- have not been formally voted on or signed into law, the documents are already in their final form.

"Small businesses, including family farms, will receive an exemption from the Alternative Minimum Tax (AMT)," Lucas said. "The farmers will see a reverse in the Internal Revenue Service's position on AMT treatment of certain installment sales by farmers. Family-owned businesses will also immediately see an increase in the death tax exemption from $600,000 to $1.3 million.

"Additionally, a phased-in increase in health insurance deductibility for the self-employed would reach 100 percent," Lucas continued. "Our Oklahoma small businesses and family farms would definitely benefit from this legislation.

"A broad-based capital gains reduction from 28 percent to 20 percent and from 15 percent to 10 percent for lower income brackets will help individuals and families across Oklahoma and the nation," Lucas continued. "And, so too, will the $500 per child for citizens with children 16 years of age or younger. A single parent can make up to $75,000 or a couple up to $110,000 and receive the credit." The credit will be $400 in 1998 and then move to $500 in 1999.

"The senior citizens of Oklahoma, and all of us who will one day be seniors, will benefit from the establishment of a National Bipartisan Commission on the Future of Medicare," Lucas said. "It will study Medicare and relay to Congress its recommendations for preserving it.

"I hope that each and every citizen will take a close look at this legislation because I think they will be very pleased to see that they will benefit from its passage," Lucas continued. "The budget will be in balance by 2002, if not before; tax relief will be provided for families; assistance with education costs will be delivered; Medicare will be saved from bankruptcy; and power, money and influence will be restored to the people in their states and communities."

Approval of the Balanced Budget Act of 1997 on the floors of the Senate and House of Representatives is expected on Wednesday and of the Taxpayer Relief Act of 1997 on Thursday. Both pieces of legislation will then go to the President for his signature.