When I say surplus, I am not talking about the Social Security surplus, because we will use 100 percent of the Social Security surplus for retirement security, and we're pleased that the President agrees with us. Rather, the real debate is over the on-budget surplus generated purely from higher income tax revenues. I think I raised them too much, too. I couldn't agree more with the President. But recently, the President announced a bigger budget surplus and, in the next breath, proposed to spend it on a flurry of government programs.
Tax cuts give more by giving more freedom and power to the American people.
And if the surplus means anything at all, it means that Americans are paying way too much in taxes. Broad-based tax relief is the best answer. That's why, despite Presidential vetoes, I support use of a major portion of the surplus to reduce taxes on all Americans. While targeted relief may have a political appeal to some, it would be wrong to deny relief to everyone who made this surplus possible. And if the worst were to happen and the surplus gets spent, it's all but certain that taxes will rise in the future to finance the spending spree.