Thomas Reynolds

Mr. REYNOLDS

Mr. REYNOLDS. I yield to the gentleman from Maryland, the minority whip.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. Half of the tax relief package in 2003 is directed to the child tax credit, expanding the 10 percent bracket, eliminating the marriage penalty, accelerating the marginal rate cuts, and ensuring that middle- class families do not face the AMT. 9.9 million taxpayers will not pay the AMT because of H.R. 2. Ten million Americans who are our seniors will directly receive assistance from the dividend return they are going to get in their senior income. If I were able to signal a message to the White House, I would say, Mr. President, we are on our way shortly to have a rule vote and we are no longer talking about your early ideas, should we or should we not have a tax cut. Mr. President, there is going to be a tax cut when the House concludes its business, I predict, and I predict it will pass by a bipartisan support, just as the one did that the President initiated in 2001. So as we look here today, we are talking some process, but when I sat in that Committee on Rules meeting last night, over half of the amendments introduced by my Democratic colleagues came forth on how they want to deal in tax planning, not to do away with it. So today we are moving forward. We are going to have a rule vote, and then we are going to take the bill on the floor, if it passes the rule, and we are going to have an opportunity to debate what the tax policy will be for this country. I believe, not only in my district and my State, but the country wants that money back in their pockets rather than the Federal Government spending it. Mr. Speaker, I yield 1 minute to the gentleman from New Hampshire (Mr. Bradley).

Mr. REYNOLDS. Mr. Speaker, I yield 1 minute to the gentleman from California (Mr. Cunningham), one of the great patriots of this House.

Mr. REYNOLDS. Mr. Speaker, I would have to answer the minority whip when we are on my time, and that is I have been reading the minority's press clips since I have been here, and to them it seems to be the biggest deal for mankind what the recommit motion is and how that vote occurred here. So I am confused the gentleman's suggestion today of how restrictive it is, after I read the press releases of so many of the gentleman's colleagues on what they think it is when they moved it before this House.

Mr. REYNOLDS. Mr. Speaker, I yield 1 minute to the gentleman from Texas (Mr. Hensarling).

Mr. REYNOLDS. Mr. Speaker, I yield 2 minutes to the gentleman from Georgia (Mr. Linder), a distinguished member of the Committee on Rules.

Mr. REYNOLDS. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 227 and ask for its immediate consideration.

Mr. REYNOLDS. Mr. Speaker, House Resolution 227 is a closed rule providing 1 hour of debate for consideration of H.R. 2, the Jobs and Growth Reconciliation Act of 2003. The rule waives all points of order against the bill, as amended, and against its consideration; provides one motion to recommit with or without instructions. Mr. Speaker, our economy is a global one, dependent on free markets, free trade and free-flowing exchange of ideas and information. But our economy is also local. Its effects ripple through communities throughout America impacting each and every working family. In the final months of the previous administration, America's economy was beginning to slow. President Bush in one of his first major policy initiatives of his new presidency shepherded through the largest tax reduction package in a generation, needed tax relief for working families that this Congress approved in bipartisan fashion. We lowered rates for American workers, made the Tax Code fairer by easing the marriage penalty, and provided an immediate shot in the arm to overtaxed American families and our national economy by providing a well-deserved rebate to some 95 million taxpayers. The result? The shortest and shallowest recession in America's history. Then the unthinkable happened. While positive growth registered in the fourth quarter of 2001, the horrific attacks on our Nation on September 11 left our Nation and our economy traumatized, and nowhere was that impact felt harder than in my home State of New York. Still, our country rallied and produced positive growth in all four quarters of 2002, according to the National Bureau of Economic Research. But this calculated growth has not always been readily recognizable across America. The American people demand and deserve an energized economy, complete with expanding job opportunities and investment incentives. As a logical compliment of the Economic Growth and Tax Relief Reconciliation Act, today's bill provides consistent tax relief and growth policies that will generate, on average, 575,000 jobs a year for the next 5 years. In New York, this will mean nearly 36,000 new jobs every year for 5 years. For my part of the State, which never shared in the economic boom of the 1990s, job growth remains the number one priority, and this type of positive impact is what this and so many other parts of our country need. Plus, it puts more money back in the hands of hard- working Americans. Former President Richard Nixon once said, ``We can never make taxation popular, but we can make taxation fair.'' Two years ago, this Congress started to make the Tax Code more fair, and today we have the opportunity once again to achieve parity and fairness in the Tax Code. For years it has been well-documented that taxpayers in my home State of New York send far more of their hard- earned money to Washington than they get back in Federal programs and services. Frankly, my constituents and their pocketbooks have noticed. My constituents have expressed their sincere concerns with the double taxation of dividends. Many are middle-class, retired seniors who rely on dividends as parts of their income. This legislation drastically reduces the dividend tax burden, making stocks more valuable and increasing expected rates of return. Stockholders in my district and all across America will have more control over their own money, while at the same time watching it grow at a faster rate. The effect is twofold: First, to bring fairness to the Tax Code by greatly reducing the double taxation of dividends; second, as dividend paying stocks become more attractive, more potential investors will be brought to the market. This bill also ensures equal treatment of dividends and capital gains by lowering the rate for each to 15 percent. By lowering the rates on dividends and capital gains, people will be more willing to invest because they will pay less tax on the returns to their investment, and corporate managers may find it more attractive to invest in projects since their cost of capital will decline. When businesses find their cost of capital lowered, it increases the likelihood that they will invest in new machinery, projects and employees. As more people invest, more companies grow and more jobs are created. Another important component of this job-creating tax relief is our continued effort towards greater corporate accountability. By strengthening dividends, investors will have solid evidence of a company's corporate health, proving the investor's adage that ``profits are an opinion, but cash is a fact.'' By reducing the advantage of paying interest ahead of paying dividends, the incentive for some corporate managers to cook the books will be greatly diminished. Equally important, this bill accelerates common-sense tax relief for families. By increasing the child tax credit to $1,000 for calendar years 2003 through 2005 and by expediting marriage penalty relief, families will retain valuable resources to help pay for their child's education, make a mortgage payment or help pay off the debt. As President Bush said, ``If tax relief is good for Americans years from now, it is even better when the American economy needs it today.'' In New York, over 2 million married couples will benefit from marriage penalty relief and over 1.5 married families with children will benefit from the increased child tax credit. Our country is blessed with a strong entrepreneurial spirit. Under this bill, small businesses will have the option of immediately deducting $100,000 in expenses, a significant increase over the current $25,000 deduction. Because most small businesses pay taxes as individuals, accelerating the top rate reduction means lower taxes for small business owners. That means that millions of entrepreneurs will have more resources to spend on employees, supplies or expansion efforts. Mr. Speaker, the President has laid out clear goals for a strong, growing economy. Today this body can move one step closer to implementing this plan to create 1.2 million jobs by the end of 2004 alone. Our country is already facing great challenges, and we must remain diligent in our efforts to tackle what lies ahead. The Jobs and Growth Tax Reconciliation Act confronts head on the serious issues before us, boosting employment levels, lowering the tax burden and growing the economy. I urge my colleagues to join me in supporting this rule, as well as the crucial underlying legislation. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Frost), ranking member of the Committee on Rules, pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only. (Mr. REYNOLDS asked and was given permission to revise and extend his remarks.)

Mr. REYNOLDS. Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. REYNOLDS. Mr. Speaker, I yield 3 minutes to the gentleman from California (Mr. Dreier).

Mr. REYNOLDS. Mr. Speaker, I have one additional speaker, and I reserve the right to close.

Mr. REYNOLDS. Mr. Speaker, I yield 1 minute to the gentleman from Iowa (Mr. Nussle), the chairman of the Committee on the Budget. (Mr. NUSSLE asked and was given permission to revise and extend his remarks.)

Mr. REYNOLDS. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, our economy is in need of a doctor, but the diagnosis suggests a remedy that is more comprehensive than the Band-Aid approach some of my colleagues suggest. Rather, the economy requires a shock to the system to stimulate a more rapid rate of growth, create incentives to work, save and invest, and encourage more disciplined Federal spending. The prognosis is very promising, but it stipulates immediate attention. That is why I urge a ``yes'' vote on this rule and the underlying legislation. A ``yes'' vote delivers money back into the hands of our constituents, the American taxpayers, and sends jobs to our districts.

Mr. REYNOLDS. Mr. Speaker, may I inquire of the amount of time remaining on both sides?

Mr. REYNOLDS. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Nevada (Mr. Gibbons). (Mr. GIBBONS asked and was given permission to revise and extend his remarks.)

Mr. REYNOLDS. Mr. Speaker, I yield 1 minute to the gentlewoman from Michigan (Mrs. Miller). (Mrs. MILLER of Michigan asked and was given permission to revise and extend her remarks.)

Mr. REYNOLDS. Regular order, please, Mr. Speaker.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, I move that the House do now adjourn.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, I rise today to pay tribute to a good friend and an outstanding public servant. There's no doubt that in my home state of New York, there remain to this day many unsung heroes who provided aid, comfort and support to the victims of September 11th's vicious and cowardly attacks on New York. Ordinary people rose to extraordinary challenges and through their service, helped both in the rescue and recovery of a great city. One of those unsung heroes is the man I rise to honor today, Robert R. Snashall, Chairman of the state's Workers' Compensation Board. First appointed to that post by Governor George Pataki in 1995, Chairman Snashall will soon retire from that post. And perhaps the defining moment of Mr. Snashall's tenure at the Workers' Compensation Board was in his handling of the crisis arising from the September 11th terror attacks in New York City. The attacks on the World Trade Center on September 11, 2001 created unprecedented challenges for the Workers' Compensation Board. In a single day, New York suffered 5 years' worth of workers' compensation death claims. In fast response, Chairman Snashall and the Workers' Compensation Board established new regulations to accelerate the processing of claims and created a special World Trade Center adjudication team to process claims emanating from the terror attacks while enabling the Board to maintain a focus on other claims from across the state. Chairman Snashall acted quickly to contact and in some cases visit various insurers, legislators, claimant organizations and employer associations to discuss the challenges facing the workers' compensation system as a result of the attacks. In doing so, he was successful in impressing upon the various parties of interest the urgency of providing assistance to the families in need. As a result the Board has, to date, fully resolved 92 percent of death claims, 80 percent of injury claims and has conducted more than 7,000 hearings to resolve WTC claims. Since 1995, the Workers' Compensation Board has undergone the most sweeping reforms in the history of the Board including the landmark 1996 reforms, which have led to unprecedented reductions in workers' compensation costs. In addition, since 1996, under the leadership of Chairman Snashall, the Board has reformed its administrative processes and become more accessible to the people of New York State. Through Bob Snashall's leadership, New York State's Workers' Compensation Board has become a nationwide model, and I ask that this Congress join me in saluting his commitment, leadership and hard work; and that this Honorable Body further extend to him our thanks for a job well done.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Chairman, I offer an amendment.

Mr. REYNOLDS. Mr. Chairman, along with the gentleman from Michigan (Mr. Rogers), I am offering an amendment that was passed overwhelmingly by this body 2 years ago. The 94,000 square miles of the Great Lakes system constitutes some of this Nation's most precious resources. Lake Superior, Michigan, Huron, Erie and Ontario are the largest system of fresh water on the face of the Earth, and comprise one-fifth of the world's entire drinking supply. For the 30 million people residing in the region and the millions more who visit its shores each and every year, the Great Lakes are also a recreational playground, an enormous fishery and wildlife breeding ground, a vital transportation link, and an important resource for agriculture and business, making untold contributions to our Nation's economy and our way of life. Most of all, the Great Lakes are binational treasures and a vital natural resource. To protect the natural resources of the five Great Lakes, and with them, 20 percent of the world's drinking water, most in the region agree that oil and gas drilling should not be allowed within the Great Lakes. In fact, several States have enacted statutory prohibitions on offshore drilling in the Great Lakes. In respecting the provisions of the Submerged Lands Act, which gives each State that borders the Great Lakes authority over between the State's coastline and the boundary of Canada or another State, this amendment expresses a sense of Congress for continued support for the ban on drilling. Mr. Chairman, I believe the States and Canadian provinces are the wisest stewards of the Great Lakes resources, ensuring their effective use and sound conservation. As such, actions to protect the Great Lakes work best when all of the States and provinces work together. At this time, not all States and provinces have equivalent nondrilling policies. Through this amendment, the States and provinces will be advised of this Congress' support for efforts that protect the world's largest fresh water supply by encouraging them to prohibit offshore drilling. Mr. Chairman, I urge Members to support the State's right to protect the Great Lakes. Mr. Chairman, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Chairman, I yield 2 minutes to the gentleman from Michigan (Mr. Rogers).

Mr. REYNOLDS. Mr. Chairman, I yield myself such time as I may consume. (Mr. REYNOLDS asked and was given permission to revise and extend his remarks.)

Mr. REYNOLDS. Mr. Chairman, I urge adoption of this amendment and I yield the balance of my time to the gentleman from Texas (Mr. Barton), the Chair of the Subcommittee on Energy and a vital link to seeing the success of this bill today. (Mr. BARTON of Texas asked and was given permission to revise and extend his remarks.)