Lloyd Bentsen: “I rise in opposition to the veto override of H.R. 4810. With just under fourteen legislative days remaining, we are…”

“I rise in opposition to the veto override of H.R. 4810. With just under fourteen legislative days remaining, we are poised to vote on a measure that will only provide tax relief to a small segment of Americans, at a cost of $292.5 billion over 10 years and at the expense of providing universal Medicare prescription drug benefits, strengthening Social Security and Medicare, and paying off the National debt during the 1980's and early 1990's. Mr. Speaker, this massive tax cut, like the Estate and Gift tax bill before it, puts our seniors and our fiscal security at risk. H.R. 4810 is overly broad and benefits not only those subject to a penalty but also would confer tens of billions of dollars of 'marriage penalty tax relief' on millions of married families that already receive marriage bonuses. Approximately half of the tax reductions from the bill's 'marriage penalty relief provisions' would go to families that currently receive marriage bonuses. According to a recent Treasury Department study, roughly 48 percent of couples pay a marriage penalty and 42 percent get a marriage bonus under current tax law. Therefore, this bill, which will cost $292.5 billion over 10 years will provide a mere $149 in tax relief to the average family with income of less than $50,000. Further, once fully phased in, nearly 70 percent of the benefit will be enjoyed by couples earning more than $70,000 annually, even if they suffered no marriage penalty under existing law.”