Frank Pallone: “I wanted to say, though, you know, that just for those who think that perhaps the Democrats do not have an alternative…”

“I wanted to say, though, you know, that just for those who think that perhaps the Democrats do not have an alternative, we really have the only new tax system, if you will, new proposal out there that sweeps away the old Tax Code, but at the same time provides fairness. This is the one that was introduced by our Democratic leader, the gentleman from Missouri (Mr. Gephardt). It is the only major tax reform proposal that retains the progressive rate structure and ensures that this new system is fair. It is a 10 percent tax plan that has been offered by our House Democratic leader, the gentleman from Missouri (Mr. Gephardt), recognizing that the Tax Code is too complex and filled with special interest tax breaks that result in higher tax rates for middle-income families. So what the gentleman from Missouri (Mr. Gephardt) has proposed is basically ratifying and simplifying the system and cutting taxes for 70 percent of families with children, with income between $20,000 and $75,000. Under his plan, more than 70 percent of all taxpayers would have a tax rate of 10 percent or less.”