President Clinton: Maintaining our Fiscal Discipline by Vetoing One in a Series Of GOP Tax Breaks that would bring America Back into Deficits

President Clinton: Maintaining our Fiscal Discipline by Vetoing One in a Series of GOP Tax Breaks that would bring America Back into Deficits

President Clinton today will veto the bill to repeal the estate tax, one in a series of costly tax cuts passed by the majority in Congress that, combined with the tax cuts supported by the Congressional majority for next year, would cost $2 trillion, undermine our fiscal discipline, and plunge America back into on-budget deficits. This approach would leave no money for a Medicare prescription drug benefit, strengthening Social Security and Medicare, paying down the debt by 2012, or investing in key priorities like reducing class size and repairing crumbling schools. President Clinton will urge Congress to pass his targeted tax cuts which provide substantially more tax relief for middle class families at less than half the total cost of the Congressional proposals. He will also emphasize his willingness to work with Congress to pass fiscally responsible, fairer, simpler, and more efficient estate tax relief targeted toward small businesses and family farms. Democrats in Congress have offered better estate tax alternatives that provide immediate, more-targeted, fiscally responsible tax relief.

THIS IS ANOTHER IN A $2 TRILLION SERIES OF GOP TAX BREAKS THAT, TAKEN TOGETHER, WOULD DRIVE AMERICA BACK INTO DEFICITS

THE REPUBLICAN ESTATE TAX REPEAL WOULD UNDERMINE OUR FISCAL DISCIPLINE, AND BENEFIT ONLY THE MOST WELL-OFF. The majority in Congress has taken the wrong approach. Repealing the estate tax would be fiscally irresponsible, regressive, poorly targeted to small businesses and family farms, and would undermine charitable giving.

THE DEMOCRATS IN THE HOUSE AND THE SENATE HAVE PROPOSED A MORE TARGETED, RESPONSIBLE APPROACH. The House and Senate Democrats both had estate tax proposals that were more fiscally responsible and targeted towards those who need relief most.

CONGRESS HAS FAILED TO ACT ON AMERICA’S PRIORITIES: At the same time, the Republican Congress has failed to act on crucial priorities for the American people:


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