Joseph Knollenberg: “according to the numbers as we just heard that were released this week, the OMB has decided that there is going to be a…”

“according to the numbers as we just heard that were released this week, the OMB has decided that there is going to be a surplus of some $1 trillion over the next 15 years. This is good news, and it provides Congress with an historic opportunity to improve the standard of living of our Nation by giving tax relief. The President said in a Rose Garden ceremony Monday: Our new budget framework will use part of the surplus to provide substantial tax relief. The average American has to work 129 days or to May 11 before they get through paying their taxes. Last year, tax revenues grew by 9 percent. That is twice, twice as fast as the economy grew. Now there are several tax cut plans that we could talk about, but the one that I would favor is one I introduced in this House, is to cut taxes across the board. It is the fairest and the simplest way. It stops the proposal, it stops the practice, rather, of picking winners and losers among overtaxed Americans and allows everybody who pays Federal income taxes to keep more of their hard-earned money. Mr. Speaker, with the economy growing and the Federal Government running a giant surplus, there will never be a better time than now to cut taxes.”