Pete Domenici: “I would like to discuss, from the standpoint of those who are wondering about the Gramm-Domenici amendment to cut taxes…”

“I would like to discuss, from the standpoint of those who are wondering about the Gramm-Domenici amendment to cut taxes on a very deserving group of Americans, what it is all about. When you raise taxes on anybody in the United States, you have to ask yourself a very fundamental question of what you ought to do with the taxes you raise. Now, if America were undertaxed and we were taxing Americans--be it a cigarette tax that at $1.10 a pack would yield over time $750 to $800 billion, or whether it is an income tax or sales tax--you have to ask yourself, if America is being taxed too much already, shouldn't something very high on the list of considerations for what to do with the increased revenue be a consideration of lowering the taxes on Americans?”