Rob Portman: “after hearing the debate this afternoon, I think it is important that we back up a little bit and highlight the…”

“after hearing the debate this afternoon, I think it is important that we back up a little bit and highlight the fundamental purpose of this tax relief bill. We are trying to strengthen the American family and yes, we are trying to encourage economic growth. That is what we are going to do with this legislation if we are able to enact it. As the gentleman from Texas [Mr. Archer] told us moments ago, this new Congress refuses to be stuck in the old thinking, refuses to cling to the tax-and-spend policies of the past. Instead, it is simple. We believe in helping families and we believe in growing the economy through economic growth, not in growing big government. History is a good guide here. In 1948, the average American family of 4 paid just 3 percent of their income to the Federal Government. My 1992 that Federal tax bill had increased to about 25 percent of family earnings. In 1993 Congress added to that by passing the largest tax increase in American history. Common sense tells us that Congress has gone in the wrong direction. I would hope we would all agree on both sides of the aisle that it is fundamentally important for us to have economic growth, increase jobs and increase our global competitiveness. That is what this bill is all about. By eliminating the marriage penalty, by providing tax credits, by expanding IRA's, it encourages savings, savings we desperately need in this country and it encourages economic growth.”