Friday, May 23, 2003

Scott urges support for tax cut

Congressman David Scott (D-GA) urged Congress to support a tax cut plan that provides immediate stimulus without creating large budget deficits in the future.

The House passed H.R. 2, the costlier $550 billion Republican plan by a mostly partisan vote of 222-203. The Senate has said it will not pass a tax bill larger than $350 billion unless it is paid for with cuts elsewhere in the budget.

Scott, speaking on the floor of the House of Representatives, criticized the Republican plan for not providing immediate stimulus to the economy while increasing budget deficits over the next 10 years. Scott supported the Democratic plan as a more stimulative, fiscally responsible alternative.

"I'm here to tell you that the American people want a tax cut plan that will create jobs immediately, stimulate the economy now, and is paid for now without adding to the debt for our younger generation to pay for. The Democratic plan that I support does that," said Scott.

The Democratic plan would supply immediate targeted tax cuts, expand the 10 percent income tax bracket, increase the child tax credit, eliminate the marriage penalty, expand unemployment benefits and gives $44 billion dollars in direct aid to our states' struggling economies. The plan provides for $29 billion in tax cuts for small businesses and manufacturers and $2,500 in tax credits for employers to hire the unemployed. Yet in a partisan parliamentary move, Republicans blocked action for the Democratic substitute to be brought to the House floor for debate and a vote.

"These direct tax cuts were targeted to do immediately what the American people want ­ create millions of jobs, put our people to work, invest in the stock market and increase consumer spending ­ all while paying for it now without adding to the deficit. This is what the people want," said Scott.