Roy Blunt: “we are here today taking a step toward revising the tax system and revising the tax philosophy that has too long been…”

“we are here today taking a step toward revising the tax system and revising the tax philosophy that has too long been headed in the other direction. We are here today to decide that American families can spend their money better than the Government can spend their money. The only bad news in the bill for working families today is it is going to be 6 months before they begin to see what really happens when they have their money back instead of the Government having that money. A $500-per-child tax credit means to a family of three, a working family of three, $125 every month that the Government has been spending that they can now start spending next year. It is going to make a difference. This bill will make a difference as we work to make education more affordable. Vocational education, college education, $5,000 in tax credits over 4 years of college; tax savings accounts, education savings accounts that are going to be tax free, that allow families to save for college. We will not be taxing the interest on student loans any more. This is a great day for American families, Mr. Speaker.”