On the recordJuly 31, 1997
when I came to this House in January 1995, my single most important objective was to obtain real Federal tax relief for working families in Long Island, and across this great Nation. Today I will vote to reduce America's tax burden by $94 billion over the next 5 years. Mr. Speaker, $94 billion may seem like a large tax reduction, but it pales in comparison to the $600 billion in tax increases that Americans suffered during the first 4 years of the 1990's. Mr. Speaker, the Taxpayer Relief Act of 1997 is simply a modest step in the right direction. Three years ago, when I asked the people of Brookhaven, Smithtown, Riverhead, Southold, Shelter Island, East Hampton, and Southampton for the privilege of representing them in the House of Representatives, I promised them I would work to cut taxes. Indeed, many Members of this House were elected because of that promise. With this historic, bipartisan agreement to cut taxes for America's working parents, students, and senior citizens, we are keeping our promise to the American people. This legislation provides tax relief for more than 40 million middle-income taxpayers with children; cuts capital gains taxes to promote economic growth; and helps America's children realize their dreams by making education more affordable. These tax cuts for America's working families were made possible because the Balanced Budget Act restrains Federal spending by about $1 trillion over the next 10 years.
Source
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