Thomas Ewing: “I think we should give credit where credit is due, and that is to Senator Carol Moseley-Braun of Illinois. Mr. Speaker…”

“I think we should give credit where credit is due, and that is to Senator Carol Moseley-Braun of Illinois. Mr. Speaker, tax cuts and lower deficits go hand in hand. Tax cuts of 1981 resulted in huge increases in Federal revenue. The problem was that Government spending rose at an even higher rate. Here are the facts: In 1980 our tax revenues were $517 billion, while Government spending was $591 billion. In 1994, tax revenues were $1.2 trillion, but Federal spending was $1.4 trillion. In other words, people were not taxed too little, but Washington would not stop spending too much. Mr. Speaker, if we let people keep more of the money they earn, that creates jobs and stimulates investments. That means higher tax revenues without a tax increase. I support the Tax Fairness Act of 1995.”