Pete Domenici: “this bill, H. R. 2614 contains three important titles: A Medicare and health package to improve the infrastructure of…”

“this bill, H. R. 2614 contains three important titles: A Medicare and health package to improve the infrastructure of our health care delivery system; a tax relief package and the small business bill. The tax package is $295 billion over ten years. It includes: $35 billion in small business tax relief; $88 billion in health and long term care tax relief; $46 billion in Pension and IRA tax relief; $7 billion in school construction tax provisions and $25 billion in Community Revitalization provisions. The package also includes a repeal of the telephone tax which will save consumers $55 billion over ten years. I am very pleased that this bill includes an IRA Pension Security package. At a time of unprecedented prosperity, it is a startling to realize that most Americans have only saved about 40 percent of what they will need for retirement. Another frightening fact: Americans, in the aggregate, borrow more than they save. The pathetic truth about our tax code: Our federal income tax code is down right hostile to savings and investment. Therapeutically, the bill before us today is a step toward eliminating some of that hostility.”