Nick Smith said "most economists that appeared before our Committee on the Budget agreed that increasing taxes is not the way to balance the budget if we want to stimulate job growth in this country. And as everybody knows, or should know, 2 years ago in 1993, what this Congress did with the different majority is they increased taxes a record $252 billion over the 5 years of that budget. Our conference met and decided that if we wanted to stimulate job growth and savings and cap investment in this country, then we should offset that $252 billion tax increase with some kind of tax decrease. That is what we did. This tax decrease is totally paid for out of spending cuts and it is going to stimulate the economy." @ PoliticalQuotes.com

On the recordMay 12, 1995

most economists that appeared before our Committee on the Budget agreed that increasing taxes is not the way to balance the budget if we want to stimulate job growth in this country. And as everybody knows, or should know, 2 years ago in 1993, what this Congress did with the different majority is they increased taxes a record $252 billion over the 5 years of that budget. Our conference met and decided that if we wanted to stimulate job growth and savings and cap investment in this country, then we should offset that $252 billion tax increase with some kind of tax decrease. That is what we did. This tax decrease is totally paid for out of spending cuts and it is going to stimulate the economy.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing tax policy and its impact on job growth during a budget committee meeting.

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