Date: 2001-03-08
Speaker: TOM DAVIS (republican)
Chamber: H
State: Virginia

Mr. Speaker. I rise today in strong support of H.R. 3. the Economic Growth and Tax Relief Act of 2001. The U.S. economy is currently experiencing a slowdown. In order to fend off a further downturn or recession. it is imperative that Congress act quickly to breath life back into the economy. By reducing income tax brackets retroactively to the beginning of this year. H.R. 3 provides immediate tax relief by decreasing withholding rates. This will result in an infusion of cash into the economyup to $360 for a married couple in 2001that our economy urgently needs. Some say that it is reckless to bring a tax relief bill to the floor of this body before we have adopted a budget resolution. I disagree. Rather. I commend Chairman THOMAS for recognizing the fact that undue delay would deaden the positive. restorative effects that lowering marginal rates would bring. Furthermore. this being a bicameral legislature. we must wait for the other body to do their part on this bill. It is even more imperative. then. that we spur them on by doing our work expeditiously. Before a final conference report comes before us. we will have the benefit of a budget resolution. But if we wait for the final budget resolution before we begin the process. the tax cut could lost its stimulative effect on the economy. We have a choice: Either take the necessary steps to return our country to the positive growth. or bring the danger of recession ever closer through indecision and delay. H.R. 3. is only the first step in bringing tax relief to the American people. There are other areas of the tax code that Congress must fully addressthe marriage penalty. the alternative minimum tax. higher savings levels for Individual Retirement Accounts. and the death tax. however. those must wait for a later date. Our focus now must be on keeping the economy healthy. keeping Americans working. keeping small businesses open. and ushering more and more people into the middle class through the prosperity that has blessed this country in recent years. Acrosstheboard cuts affect withholding rates now and give an immediate stimulus to the economy. Finally. reducing marginal tax rates is an issue of fairness. I believe that is simply wrong that the government currently takes away up to 40 percent of an individuals incomeand much more when other taxes are taken into account. We must encourage enterprise. We must encourage savings. Our policies must reflect the ofttouted belief in the American Dream that through hard work and sacrifice one might build a better lifenot become the object of higher government tolls and the subject of vilification merely because of success. I have heard from many of my constituents who would be positively affected by the relief this bill would bring. They are not the "idle rich." They are individuals and couples who have mortgages to pay. They are parents trying to pay for their childrens educations. They are making car payments. They are the people who tirelessly serve our federal government. They are the entrepreneurs whose small businesses are at the core of the hightech revolution that has fueled our economys growth over the past several years. I can assure you that they do not live lives of ease as has so often been portrayed by opponents of this plan. They deserve to get a small portion of the money that they have overpaid to the government back. It was their hard work and sacrifice that rescued the government from the massive debt it had accumulated over years of bloated excess. Now that they need a helping hand. we must not abandon them. I urge my colleagues to support this bill.