Pete Sessions: “It is interesting that the facts of what George Bush's own tax plan is all about was in the ``Wall Street Journal,'' a…”

“It is interesting that the facts of what George Bush's own tax plan is all about was in the ``Wall Street Journal,'' a review of it, on September 5 of this year. Here is what it does. I quote from this article. ``The Bush tax cut does not favor the rich.'' The ``Wall Street Journal'' says, ``The Bush tax cut does not favor the rich. This is not a flat tax, or even a proportional cut, though such cuts would be more efficient in economic terms. Rather, higher income families get lower percentage reductions.'' This is household income. Those earning $50,000 to $75,000 a year would see an average cut of 30 percent. My colleagues, I will tell you that this is exactly in line with what our economics have been, to take the burden away from people who earn between $50,000 and $75,000. Families earning $75,000 to $100,000 would see an average cut of 18 percent, and those earning more than $100,000 would have an average reduction of 10 percent. Mr. Speaker, what this does very clearly is say that where you have two people, perhaps they are both teachers making $35,000 and $35,000, they would receive a cut of 30 percent. All the time in my district, wherever I go, I try and talk about how teachers are great for not only our schools and our children, but for America; and they talk about they want a pay raise, they need more money, they need more money. The George Bush tax plan would give the average teacher and a spouse a 30 percent tax cut.”