Dan Coats: “I may not use all the 5 minutes I have. Madam President, when you look at the Tax Code, its seems that everyone gets a…”

“I may not use all the 5 minutes I have. Madam President, when you look at the Tax Code, its seems that everyone gets a special tax break. But no one deserves or needs it more than the most special, special interest of all--the family. Earlier today, the Senate rejected a budget alternative that would have provided much-needed tax relief to hard-working middle class families in the form of a $500 family tax credit. The Gramm-Coats amendment offers another chance for Senators to allow families to keep more of their hard-earned tax dollars. WHAT OUR AMENDMENT DOES Our amendment doubles the dependent exemption from the current $2,350 to $4,500 a year. The amendment not only pays for a doubling of the exemption, but it also fully funds the Senate crime bill and it reduces the deficit by an additional $31 billion. The amendment would accept the nondefense discretionary reductions proposed in the President's budget, except for cuts proposed for crime-fighting agencies--FBI, U.S. Attorney's Office, Justice Assistance, DEA, INS, U.S. Marshals and organized crime drug enforcement--which would be restored. In addition, it would freeze budget authority for remaining nondefense discretionary spending to achieve a total budget authority freeze over 5 years.”