Bill Pascrell: “in 1999, when President Bush was running for office, he made a pledge to veto any tax increase. Well, last week, he did…”

“in 1999, when President Bush was running for office, he made a pledge to veto any tax increase. Well, last week, he did what he said he would never do when he signed into law a tax increase for our Nation's young people. This Congress passed and the President signed a bill that will triple tax rates for the teenagers with college savings funds. Under the new law, teenagers between the ages of 14 and 17 with investment income who had their long-term capital gains and dividends taxed at 5 percent, will now be taxed at 15. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent. So much for savings. So much for education. So much for hypocrisy. The bill passed last week and ironically is called the Tax Increase Prevention Act. Yet it increased taxes on students. And we have been insisting on tax cuts of billions of dollars to folks who do not need it. It is because of this outrageous tax increase that I have introduced the Student Savings Act of 2006, H.R. 5473. My legislation will be revenue neutral by effectively rescinding those tax cuts that go to those who make $1 million or more. We should be giving our students financial incentives and not giving them tax increases. ____________________”