Thomas Foley: “frankly, I am stunned that anyone would have a problem with this bill. The bill does three basic things, two of which…”

“frankly, I am stunned that anyone would have a problem with this bill. The bill does three basic things, two of which the President himself has embraced. One, it expands the Earned Income Tax Credit; and, two, it doubles the standard deduction for married taxpayers. The only thing that the bill does do that the President's does not is offer relief to those married couples who do not qualify for the earned income tax credit and who do not take the standard deduction because they itemize instead. Well, Mr. President, many couples itemize because they struggle to buy a home for themselves and their children, and they continue to struggle to maintain that home. I realize that President and Mrs. Clinton have only recently become homeowners, so they probably do not realize yet just how much of a financial sacrifice most American homeowners make to provide that home. In fact, The New York Times recently reported that Mrs. Clinton was quoted as saying, ``I am stunned to discover the tax burden faced by State residents.'' Well, Mr. President and Mrs. Clinton, welcome to the real world.”