On the recordApril 22, 1998
My 10-year figure would be about $1.1 billion. Let's take the 5 years. In 5 years, it is $500 million in tax relief for 14 million middle-income families on the education savings account and over 5 years, over $3 billion of tax relief for the people that buy those big bonds. That is a very select community that can play that game. Then in 10 years mine becomes $1.1 billion for the 14 million families, and they save because of that, $10 billion. No one saves a dime on the savings proposed for the school bonds. That doesn't generate anything, except school construction. But the beneficiaries of the tax relief are a very select group of Americans. They fit in a very small percentage group. The point I am making--that amendment obviated tax relief for the middle-class Americans, the 14 million families; it took it out and replaced it with $9 billion in tax relief for, as I said, large financial institutions.
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