Robert Torricelli: “Indeed, I believe this moment defines whether or not there is a chance for this tax legislation to genuinely be…”

“Indeed, I believe this moment defines whether or not there is a chance for this tax legislation to genuinely be bipartisan. In the Finance Committee, Democrats joined with Republicans to attempt to moderate the tax reduction, to assure it was affordable, would protect the surplus, but would also make a difference, having revenue for prescription drugs and education. Within the committee a balance was achieved that, while rates were being reduced for taxpayers, there were other objectives also being met. The amendment offered by Senator Hutchison is a threat to that balance. It raises the question about whether or not bipartisan tax reduction can survive in the Senate. Like Senator Hutchison, I would like to see the marriage penalty eliminated. Indeed, in a variety of ways, through considerable means, over a period of a decade this legislation deals with the marriage penalty. It simply was not possible to eliminate the marriage penalty immediately any more than it was possible to lower rates immediately or deal with the inheritance tax immediately. This is a decade-long process of reducing the tax burdens on Americans.”