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Guest Commentary: June 8, 2001
Republican Tax Cut Is Irresponsible
The Honorable Barbara Mikulski
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Everybody agrees that we need tax relief. But we must do it in a way that is affordable, responsible, and ensures that we are on sound fiscal footing. Unfortunately, the Republican tax cut does none of these things. I will vote against this tax cut for three reasons: it is irresponsible, premature, and it does not meet the compelling needs of our nation.
The Republican tax cut is irresponsible because it mortgages our future for lavish tax cuts. It is premature - there is no way to guarantee that the Republican tax cut will be here today and that the American people can count on it tomorrow. Unfortunately, the size of this tax cut will put an extra strain on this country's cashflow just when we will need it most - when baby boomers will retire. And finally, this tax bill makes it impossible to meet the compelling needs of our nation. It does not have an economic stimulus in 2001; the size of tax cut will make it difficult to make balloon payments coming due on Social Security and Medicare; and it will be extremely unlikely that the money will be there to create a meaningful and reliable Medicare prescription drug benefit.
I support the Democrats' alternative tax plan because it ensures that we are meeting the day-to-day needs of our constituents and the long-range needs of our country. What does the Democratic alternative provide? First, democrats want to put $300 per person or $600 per family in Americans' checkbooks right away -- today -- this year. This would provide an immediate economic stimulus and help all Americans who are struggling to pay for skyrocketing gasoline and energy prices.
Democrats would also provide tax cuts for all taxpayers by reducing the 15 percent tax bracket to 10 percent on the first $6,000 income. Additionally, we include significant marriage penalty and estate tax relief, we raise IRA and 401(k) contribution limits, double the child tax credit, make college tuition tax deductible, and provide resources to schools and communities to help them modernize and build new facilities. I am also pleased that our bill includes an extension of the adoption tax credit and makes permanent the Research and Development tax credit. The Democratic plan is balanced, fiscally prudent, and leaves resources so we can continue to pay down our debt and make the balloon payments coming due on Social Security and Medicare.
Unfortunately, the Republican tax plan papers over the fiscal realities of our country. We need to get back to basics -- save lives, save communities, and save America. What do I mean by this? Well, while we are in the midst of debating bloated tax cuts, we have Marines who are on food stamps. I don't see how we can meet our national security commitment, provide a $1.35 trillion tax cut, and have Marines on food stamps. The Marines say "Semper Fi" -- "Always Faithful." They are faithful to the United States and we have to be faithful to the Marine Corps and to the military. That's why we must ensure that we have the resources to invest in core infrastructure programs, like the military, that will pay dividends in the future.
Democrats want to put money in people's pocketbooks, but we want to do it is a way that it is here today and in people's checkbooks tomorrow. We believe we're on the side of people who are middle class and those who are working their heart out to get there.
Note: This column has been adapted from a speech Sen. Mikulski delivered on the floor of the Senate, May 23, 2001.
 How to contact Sen. Barbara Mikulski (D-MD)
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