Trent Lott: “I asked the Senator to yield because I very much agree with what he is saying and want to emphasize a couple points.…”

“I asked the Senator to yield because I very much agree with what he is saying and want to emphasize a couple points. There is a Democrat alternative. I indicated even yesterday we would be glad to take up debate and vote on it. I note even the Washington Post yesterday said the problem, for instance, with the Democratic bill is it is backloaded and would actually cost more over a 10-year period and more of it would affect the upper end, the more wealthy people. That is the alternative that was offered in the Finance Committee. I believe our bill is much more in line with what the average working American--a young couple and older couple, for that matter--would like to have. I appreciate the Senator's remarks. I want to say something else for the record. A complaint was made a few weeks ago by the Democratic leader about the cost of this bill and whom it will affect. I will, once again, read briefly what this bill will do. It will provide a $2,500 increase to the beginning and ending income level for the EIC phaseout for married filing jointly; in other words, a $2,500 increase for the earned-income tax credit joint or married couples. That is the low-end, entry-level couples who need help. There is a specific provision that will cost, over a 10-year period, about $14 billion. It also provides the standard deduction set at two times single for married filing jointly, and it doubles the brackets for the 15-percent and 28-percent.”