February 11, 2001

Washington, D.C.-There has never been a better time for the American people to receive a tax
cut. We're experiencing the longest economic boom ever, although some indicators point to a
possible slowdown in the economy. The Congressional Budget Office recently announced that
the budget surplus is expected to be about $5.6 trillion. All the while, taxes are the highest
they've ever been during peacetime in the U.S. That's why I'm pleased to see President Bush's
proposal to give the American people $1.6 trillion in tax relief.

This proposal will provide the typical American family with about $1,600 in lower
income taxes, giving them more of their own money. That's real dollars that folks can use to
make a home mortgage payment, offset higher natural gas bills, or help pay for a child's college
expenses. Americans work more than four months of the year just to pay their tax bills. We need
to enact this proposal as soon as possible.

The President's plan is choc full of tax cuts that I support, and some that I've already
voted in favor of, so it's an easy decision for me to like this proposal. Quite simply, the plan will
give a tax cut to every American family that pays income taxes. It will replace the current five-
rate tax structure with four lower rates - 10,15, 25, and 33 percent.

The plan will also reduce the additional tax paid by married couples, accurately dubbed
the "marriage penalty tax." A quirk in the tax code causes two people who are single to pay less
income tax than if they were married, effectively making marriage a taxable event. This is a great
example of horrendous social policy affecting some 28 million working couples in America. We
should be encouraging the institution of marriage, not slapping newlyweds with an additional
$1,400 on average in income taxes. I've voted in favor of eliminating this tax before, and I'll be
proud to do it again.

Another great proposal in the plan is the elimination of the estate tax, commonly called
the death tax. The death tax is an incredibly unfair tax on the value of property after a person's
death, sometimes up to 55 percent. This causes hardworking business owners and farmers to be
taxed twice - they pay taxes on their income and then pay again when they try to pass their life's
work to their children. We should be encouraging businesses to remain in the family, but instead
we're wiping out family farms and businesses that have to pay an enormous tax bill when they're
passed to the next generation. More than 70 percent of small businesses do not survive the
second generation and 87 percent do not make it to the third generation, largely due to this
onerous tax. Once the President's tax bill comes to the House floor I'll be happy to help put this
tax six feet under.

The Bush tax plan will also double the child tax credit to $1,000 and expand the charitable tax
deduction. If enacted, six million families will be completely removed from the tax rolls. A
family of four making $35,000 a year would get a 100 percent tax cut. A family of four making
$50,000 would have their income taxes cut in half.

With the current surplus projections, we can definitely afford to give the American people back
some of their own money. I hope that my colleagues in Congress will agree with me, so that we
can pass this tax relief for the American people. When it comes to cutting taxes, there's no time
like the present.