Paul Coverdell: “I really appreciate the remarks and comments about hopes and dreams of Americans as represented by the Senator from…”

“I really appreciate the remarks and comments about hopes and dreams of Americans as represented by the Senator from Florida. It reminded me of a snapshot that we recently took, a financial snapshot as it were, of an average family in Georgia. My guess is there is not a lot of difference between the average family in Georgia and the average working family in Florida. The American people have really been asking us in Washington to change the way we do business. It is very understandable when you look at this picture. This family of four estimated median income is $45,093. The total Federal taxes on that income are $9,511. That is just over 20--it is approaching 25 percent. The total State and local taxes are $5,234. That is about 12 percent. So the total family tax burden now--they may have had $45,000, but $14,700, or $15,000 has left the family, gone somewhere else for a policy wonk up here in Washington or the State capital to decide how the earnings of that family ought to be spent. They have been removed from the family. Then there is the estimated cost of Federal regulation. We have gotten into the business, as every American knows, of managing every aspect of our lives and our communities. Well, that cost a whopping $6,615. My goodness, that is more than State and local taxes that that family is now having to pay out in order to regulate.”