Paul votes for historic tax cut PDF Print E-mail
Paul votes for historic tax cut Says measure is good first step, but does not go far enough
FOR IMMEDIATE RELEASE: Friday, August 1, 1997, or after WASHINGTON, DC - US Representative Ron Paul and the Congress on Thursday voted for the first tax cut in 15 years. And while Paul calls it a "good first step," he cautions that more must be done to ensure Americans can keep more of their own money.

"As someone who has been named and vows to continue to be the best friend of the taxpayers, I will not rest in Congress until we significantly reduced the tax burden of all Americans," said Paul (R-Surfside, Texas). "I plan to continue to work to cut the capital gains tax to zero, eliminate death taxes and end the regressive income tax system, including the elimination of the Internal Revenue System."

Not included in the final passage was legislation Paul had strongly supported, called the "Coverdell Amendment." This would have given parents the opportunity to save up to $2,000 a year into education savings accounts.

"I'm disappointed that political interests superseded the best interests of the taxpayers, and especially the parents and children of our nation," said Paul. "However, I will continue to push my two education tax relief bill, HR 1816, which will provide parents with the financial tools they need to provide for their children's educational needs without the burden of government strings."

House Resolution 1816, the Family Education Freedom Act, will allow parents to take up to $3,000 a year per child in tax credits, for education-related expenses whether a child is in public, private or home schools. Paul is an original cosponsor of HR 1810, the Higher Education and Learning Promotion Act, which allows parents to contribute up to $1,500 a year into tax-exempt savings investment accounts for college education.

"The more tax relief the better. The people of the 14th District of Texas, and indeed the people of the United States, want and deserve meaningful, significant and across the board tax cuts, and that is precisely what I intend to work towards," said Paul. "Further, I will work to cut the unconstitutional spending from the budget. If government didn't spend so much money, Congress wouldn't feel compelled to tax them so much."

Paul did vote against the spending section of the budget on Wednesday because it increased taxes.

"The expenditures portion of budget continues the unconstitutional spending which has brought us the fiscal problems we are experiencing today. In fact, the spending not only increases but there are whole new social-welfare programs included. The bottom-line is this: this is a budget we still cannot afford," said Paul. "The odds are slim-to-none that this and coming budgets, produced by the prevailing philosophy of Washington, will stumble into 'balance' at some future date without the use of creative accounting techniques."