Tax Package Promotes Fiscal Irresponsibility May 23, 2003

WASHINGTON, D.C. -- U.S. Rep. Lincoln Davis today released the following statement on the final passage of the Republican tax package:

"With an already ballooning deficit, the passage of this irresponsible tax package will add to the burden that our future generations will come to bear. However, I strongly believe that responsible and targeted tax cuts could aid our struggling economy."

"In 2002, Tennessee alone had paid $375 million on interest on the debt. Right now 18 cents of every dollar we send to the federal government goes to paying the interest on the debt. We must be responsible and smart with taxpayer money instead of throwing it away on the debt. We are mortgaging our future and risking financial instability for cuts that are misappropriated and skewed to the wealthy few."

"As a member of the Blue Dog Coalition we introduced a proposal that provided immediate tax relief for all taxpayers by accelerating the next round of reductions in the 10 and 27% brackets as well as the marriage penalty relief and child tax credit. We also provided immediate and permanent estate tax relief for small businesses and family farms."

"Also left out of this irresponsible tax package was a proposal that would allow Tennesseans to deduct state and local sales tax from their federal income tax. There are currently several states including Tennessee that unfairly shoulder a large amount of the federal tax burden. This proposal would have restored tax fairness and benefited every Tennessean."