Watson Coleman: “I rise in opposition to the tax, cutting off the air we breathe. Mr. Chairman, I rise to state my strong opposition to…”

“I rise in opposition to the tax, cutting off the air we breathe. Mr. Chairman, I rise to state my strong opposition to the Republican tax cut bill that is being considered today. Mr. Chairman, this bill will increase interest payments on the national debt and shackle our economy. It will add to the mountain of debt which our children will inherit. There are a few popular tax benefits in the Republican plan, namely the tax credit for children, the repeal of the marriage tax, the capital gains tax cut, and the raising of the earnings limit for elderly Americans. I only regret that they are attached to such a bad bill. I do believe that American families deserve tax relief. The tax credit for children is a laudable goal. I also believe that the marriage penalty in our current tax laws is something that we should eliminate. Current law adds a disincentive for couples to stay together and become contributors to American society. I was a cosponsor of various measures in the last Congress which would have rectified this. I also support a capital gains tax cut because I believe, and studies show, that it spurs economic growth, especially in depressed areas. But this cut at this time is a mistake. Finally, I also believe that the earnings limit on elderly Americans should be raised. I have supported these provisions before and will gladly do so again.”