Frank Pallone: “What is really deceptive about this tax bill and why it is really bad is that in the outyears, that means beyond the…”

“What is really deceptive about this tax bill and why it is really bad is that in the outyears, that means beyond the year 2007, this explodes. What they did was they made very few changes and sort of said, ``But we'll phase it in 5, 6, 7, 8, 9, 10 years from now.'' Most of the people who voted for this do not expect to be here when the deficit is re-created, as it was after the 1981 tax bill. The fact is that if we look at the charts that the gentleman has there, it is very clear that the bottom 40 percent gets nothing. I offered an amendment in the committee on an issue that is a very familiar one and, that is, the marriage tax penalty. Let us say you are a couple. You make $30,000 between you. You make $15,000 apiece. If you file together, you pay 10 percent more tax. This was in the Contract With America. Two hundred some odd Members of this House signed the Contract on America and said we want to get rid of the marriage tax penalty because we want to encourage people to get married.”