On the recordMay 17, 2001
Mr. President, Americans have clearly expressed that they want a tax cut, and I favor a tax cut as do all Democrats but one that benefits all Americans. The focus of this tax cut debate has been on marginal rates, which are the tax rates paid on the final dollar of an individual or family's income. One of the best provisions of the President's proposal and the tax cut constructed by the Finance Committee is the creation of a new 10-percent marginal rate that covers taxable income up to $12,000 for couples. All income-tax payers receive a $600 tax cut from this change in the law, whether they make $50,000 or $500,000. I come to the Senate Chamber this evening, however, to correct a serious inequity in the bill before us. This bill contains a marginal rate cut for each group of income taxpayers but one: couples who have taxable income between $12,000 and $45,000.
Source
govinfo.gov
