Thomas Reynolds

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, it is with great pleasure that I rise to pay tribute to the Greece Little League of Greece, New York, on the occasion of its 50th Anniversary. Baseball has been America's pastime for over a century: a source of recreation and enjoyment for young and old alike. Fifty years ago, the Greece Little League was created to serve young boys and girls in the Greece community. Today, the League serves 1,200 children and 1,000 families, and has extended its services to include softball and the Challenger Program, which allows physically and mentally challenged children to compete. The league provides a positive environment and a tremendous recreational opportunity for children of all ages and abilities. Over the last half-century, America's pastime has been shared and enjoyed by many in the Town of Greece, thanks to the Greece Little League. Mr. Speaker, I ask that this Congress join me in saluting the Greece Little League as it marks its 50th Anniversary.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, It is with great pleasure that I rise to pay tribute to the Smallwood Drive School for its excellence in pursuing its mission of ``Learning, Growing, and Changing'' in educating the children in its community. This year marks the fiftieth anniversary since the school's relocation to its current site on Smallwood Drive in Snyder, New York. Smallwood Drive School was founded in 1813. On January 5th, 1952, a groundbreaking ceremony was held for the creation of a new campus. On June 21st, 1952, the cornerstone was laid of what is the current Smallwood Drive School. And in February of 1953, the first principal, George Brighton, opened the classroom wings. Beyond providing students with an outstanding education, Smallwood Drive School has been looked upon as an innovative school--a pioneer on many educational fronts--such as learning style approaches and an inclusion program to serve children with special needs. The school has brought in authors, writers, and scientists, and planned special days centered on communication and science. The school has worked with numerous outside groups over the years including the Young Audience, the University of Buffalo, and the World University Games. Smallwood Drive School has also developed a number of unique and fun traditions that greatly benefit the children, such as bicycle safety rodeos, annual concerts, gym shows, class plays, annual craft shows, ice-cream socials, and a 5th grade operetta. On the whole, Smallwood Drive School provides an outstanding education and social environment in which children may learn, grow, and change--all for the better. Mr. Speaker, I ask that this Congress join me in saluting the Smallwood Drive School as it marks its 50th Anniversary at its current location. For the past 50 years, Smallwood Drive School has excelled in educating our youth and made its surrounding community a better place.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. I cannot speak for the gentleman's constituency as a whole, but I know there is one constituent down there who wants a tax cut. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Speaker, I also saw a poll that says that the American people want a tax cut. And, quite frankly, as the President traveled the country in the week that we were on recess, he raised the polling numbers for that tax cut by 10 percent.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. This is not a new debate for me. I came from the New York legislature. I listened to liberals every day tell me how government was going to solve all of New Yorkers' problems. I will not go through all those facts of the millions and millions of Americans that benefit from this bill as I cited earlier, but I want to remind my colleagues of one simple fact: A married couple with two children and an income of $40,000 will see their taxes decline under the Jobs and Growth Tax Relief Reconciliation Act of 2003 by $1,133 in 2003. It is a decline of 96 percent. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Will the gentleman yield?

Mr. REYNOLDS. For a point of a question.

Mr. REYNOLDS. I yield to the gentleman from Vermont.

Mr. REYNOLDS. Mr. Speaker, I yield 1\1/2\ minutes to the gentleman from Kentucky (Mr. Fletcher), my good friend and classmate.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, we are getting to the heart of it. The heart of it is that the left is filing in here to talk about we need bigger government and more spending. We need more of that central Federal Government. And the debate will happen after this rule is passed of those who want to see a tax cut, those who want to put that money back in the American people's pocket. And then we will begin to look at some of the facts in this debate. Mr. Speaker, a married couple with two children, an income of $40,000 will see their taxes decline under the Jobs and Growth Tax Relief Act of $1,133 in 2003. That is a decline of 96 percent. In 2003, 91 million taxpayers will receive on average a tax cut of $1,126 under the Jobs and Growth Act of 2003. And 68 million women will see their taxes decline on average by $1,338; 45 million married couples will receive an average tax cut of $1,786; 34 million families with children will benefit from an average tax cut of $1,549; 6 million single women with children will receive an average tax cut of $558; 12 million elderly taxpayers will receive an average tax cut of $1,401; 23 million small business owners will receive tax cuts averaging $2,209; 3 million individuals and families will have their income tax liability completely eliminated by this act. I will repeat that again. Mr. Speaker, 3 million individuals and families will have their income tax liability completely eliminated by this act. Half of the tax relief package in 2003 is directed to the child tax credit, expanding a 10 percent bracket eliminating the marriage penalty, accelerating the marginal rate cuts, and ensuring that middle-class families do not face AMT. Ten million seniors will receive some type of dividend income, will be able to make their golden years more secure by keeping more of what their dividend income is. When I have this vote cast for this rule and then when I vote on the underlying legislation, I am happy to take those facts back to my district and stand before my constituents. Do Americans want more Federal Government and bureaucrats creating programs, or do they want that money in their pocket for them to make that decision?

Mr. REYNOLDS. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 253 and ask for its immediate consideration.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I believed when I voted for a $726 billion tax decrease, for tax cuts, that we would have moved our economy even faster. I believed it when I did $550 billion. I am supporting $350 billion with the other things we are doing today for an economic stimulus package because I believe it will create jobs, and those jobs and earning power will more than keep our country running, if we do not let the big spenders in Congress spend our money.

Mr. REYNOLDS. Mr. Speaker, I have no further requests for time, I yield back the balance of my time, and I move the previous question on the resolution.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, my memory serves that at the time, had we not done the tax cuts that we passed in 2001, we might have been in a deeper recession, a slower economy. And, quite frankly, that was part of the stimulus that has moved us to a shallow recession. In moving forward with this tonight, my hope is the economic stimulus will continue to advance. Quite frankly, I think the Republican agenda, led by our President, has done the job, and I am hoping that we can continue moving on that agenda. I will be happy to take that record to the voters of this land and let them make a decision. Mr. Speaker, I yield such time as he may consume to the gentleman from California (Mr. Dreier), the distinguished chairman of the Committee on Rules.

Mr. REYNOLDS. Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Frost), the 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. Speaker, House Resolution 253 is an appropriate rule providing for 1 hour of debate for consideration of the conference report accompanying H.R. 2, the Jobs and Growth Reconciliation Act of 2003. The rule waives all points of order against the conference report and against its consideration. Mr. Speaker, taxes now claim a greater share of the median two-income family's budget than food, clothing, housing, and transportation combined. That just is not right. Families need the flexibility to dedicate their hard-earned resources towards their most pressing concerns. While some may need more money to help pay off their debts, others may need extra money to pay tuition for their child or to invest for their retirement. The same can be said for small business owners, the entrepreneurial backbone of America. They should be empowered to allocate their resources however they see fit, whether it be hiring more employees, reinvesting, or expanding their business in order to create jobs. The point is, people should be making decisions on how to best spend their hard-earned dollars, not the government, nor should government punish them with job-killing, unfair taxes. Today's legislation is not just about tax relief; it is about creating jobs and stimulating the economy. The fact is jobs do not create themselves. And we, in this Congress, have both the ability and responsibility to help create those jobs. Through his consistent and immediate attention to growth and prosperity for working Americans, the President has once again guided Congress to foster job creation and ease the outrageous tax burden on working Americans. Under his direction, we will be helping countless Americans achieve a greater parity in the Tax Code and realize the fulfillment of employment. No one knows the current job struggle like my constituents and fellow New Yorkers across the State. 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. On average, over 30,000 new jobs will be created in New York every year for the next 5 years. Instead of an unemployment check, these workers will get a paycheck that they want and they deserve. The bill recognizes that we cannot create employees if we do not work with employers to create jobs. For example, small businesses will have an option of immediately deducting up to $100,000 in expenses, a significant increase over the current $25,000 deductions. Because most small businesses pay taxes as individuals, accelerating the top rate reduction means lower taxes for small business owners. This means that millions of entrepreneurs will have more money to spend on employees, supplies, or expansion efforts. The conference report also drastically reduces the dividend tax burden, making stocks more valuable and increasing expected rates of return. By lowering the rates of dividend and capital gains, people will be more willing to invest because they will pay less tax on the returns to their investments. What this bill also recognizes is the need for an immediate infusion of direct aid to States facing dire fiscal crises. Budget shortfalls and sharply rising Medicaid costs have crippled local governments, restricted access to vital services, such as health care, that our constituents greatly rely on. By coupling State relief with tax relief and job creation, we can alleviate the strain on State revenues, and further stimulate the economy with direct aid to our States and localities that need it most. Whether creating jobs, relieving the tax burden, increasing investment, or fostering State and local stability, this bill acknowledges the need for all-encompassing approaches to growing the economy. Mr. Speaker, former President Ronald Reagan once said the current Tax Code is a daily mugging. This is not what our political science teachers meant by participation in government. Let us not rob the American people of their hard-earned money. This country was founded upon individuals who stretched their imaginations, fostered ingenuity, and broke their backs for freedom and justice. Americans throughout history have not toiled resiliently just to fork over all their earnings to the Federal Government. This was not the intent of our forefathers, nor should it be ours now. Mr. Speaker, I urge my colleagues to join me in supporting this rule as well as the underlying legislation. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. I stated a number of facts of how many millions of Americans benefit from this plan. I realize it was my party that started the graphs and bringing those very scientific presentations before us. I respect listening to the gentleman as he brought some of those today, but there are two important messages that I know I have been taught and trained by my constituents when I go home each week that is drilled into my graph of my mind and my views here. One is: Keep and create jobs. That is what this bill does. The other is: Tax cut now. That is what we are going to have the opportunity to vote on. There is going to be a great debate after this rule on the Thomas tax bill that he will present, but the reality is, at the end of the day, we are going to pass that legislation and we are going to help people go back to work. We have also done some important things with the unemployment insurance today. We are moving forward. It is a good Bush agenda. It is an agenda that the American people want, and they are going to have it. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Speaker, I yield myself such time as I may consume. We are nearing the end of our hour debate on the rule, and we have heard a number of different viewpoints. But I want to remind the colleagues as they look at the rule that gives us an opportunity to move forward on a tax cut and also a $20 billion stimulus to our States and localities. The child credit increases our child credit to $1,000 for 2003 and 2004. Families will receive a child credit check this year for up to $400 per child. It accelerates the expansion of the 10 percent bracket for 2003. The marriage penalty relief begins in 2003, individual rate cuts where we accelerate the 2006 individual rate cuts scheduled to 2003. The individual increase of AMT exemptions where that will be increased by an amount of $4,500 for single persons and $9,000 for joint filers. But I look at jobs and small businesses. I have come up through the elected route of legislative bodies from county to county to State, our Federal Government. All of my working adult life I have been a small businessman. When I go back home to those Chambers of Commerce and, yes, it will not be Waco, Texas, or Crawford, Texas. It is going to be Clarence, New York, or Amherst or Batavia, Greece. I am going to talk about the fact that in small business that they have the opportunity to expense at $100,000 versus $25,000. Not because I thought so, but because they told me, as small businessmen and women, that is what they needed. That is what they needed to first retain their jobs, that is what they needed to grow jobs. And, by gosh, the Congress heard them, the President heard them, and there is a new law of the land that this Congress will enact tonight. That small business expensing increases the amount that they can expense from $25,000 to $100,000. Some of you are going to go home to the Chambers of Commerce, and I hope, as they get a chance to look at that, you can answer the question: ``You are right. I have heard your call across the America, and I am going to do that $100,000 expensing in the vote I cast here tonight.'' And in dividends and capital gains, I hear all this class warfare on the rich. Where I come from and in that real estate business I owned for 25 years, I knew a lot of working men and women that built a little capital gains in that second property they owned or the double that they rented out up the street, and they just want an opportunity to have that money come back to them versus the government gobbling it up for more government programs to give you a solution of how to spend the money versus sending it back to the American people. This debate is, as we pass the rule and moving on to the debate, we will hear a lot from the left. We will hear a lot from those who cast that 1993 vote to have the largest tax increase in America's history defend it then and then defend it tonight. But, Mr. Speaker, I do not care how we cut it. The American people want to create jobs and jobs growth, and they know tax cuts are the route to get there. Mr. Speaker, I reserve the balance of my time.

Mr. REYNOLDS. Mr. Speaker, I yield myself the balance of my time. Mr. Speaker, my two posters are really simple, as I said before: Create and Keep Jobs and Tax Cuts Now. I want to say that this is not a partisan thing. It is either you believe that bigger government and more government spending is how we solve our problems in America, or you believe it is the people's money and you give it back to them. It is important to really note that in the bipartisan aspect of reality, either you believe one or the other. As President Kennedy said, it is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the tax rates now. Mr. Speaker, if we move ahead on this rule and we move ahead on the underlying legislation, we are going to do just that; and that is what America wants, that is what they deserve. And I think in every poll in America that has been cited in every different direction here, the bottom line is the people, and I go home every week and I know, want to create jobs, and they are going to do it by our cutting taxes, and that is what we are going to do. Mr. Speaker, let us have a tax cut.

Mr. REYNOLDS. Mr. Speaker, we are going to pay for it by giving it back to the American people. Will there be deficits? There are deficits.

Mr. REYNOLDS

Mr. REYNOLDS. Mr. Speaker, it is with great pleasure that I rise to pay tribute to Pastor George P. Grace for his 20 years of service to the First Bible Baptist Church and his numerous contributions to the citizens of Rochester, New York. For two decades, he has faithfully led and continues to lead the First Bible Baptist Church and its congregation, earning a well-deserved reputation as a respected and trusted community leader. Under his leadership, the First Bible Baptist Church has promoted good citizenship and voter awareness through the church's annual Political Candidates' Night. The Grace and Truth Athletics Ministry was initiated to provide a place for the youth of this community to experience sports so they may grow and learn, and every year this draws thousands from local communities, including those who are not a member of the church. Pastor Grace also has a namesake event, the Thanksgiving Day ``Race with Grace,'' which has become a certified national 10k, having 1,000 participants last Thanksgiving Day. The Pastor has found much success and continued growth in the athletics ministries. He developed the Grace and Truth Sportspark, whose soccer fields are home to the Junior Rhinos, the Greece Buccaneers, and other community soccer leagues. The church is hoping to complete the Sportspark in the near future, with lighted baseball and softball fields. The Grace and Truth Athletics Ministry has traveled throughout the world ministering to the world's youth through soccer. Pastor Grace sits as a Regional Vice-President of Trinity Baptist College, Jacksonville, Florida, and he is a member of the Board of Trustees of Roberts Wesleyan College in Rochester. He and his wife Penny have raised their 5 children in Rochester and they now have one Grandson. Mr. Speaker, I ask that this Congress join me in saluting Pastor George Grace as he marks 20 years of service to the First Bible Baptist Church. His love for his fellow man is an inspiration to us all, and I am proud to represent him in Congress.

Mr. REYNOLDS

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

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 Indiana (Mr. Pence).

Mr. REYNOLDS. Mr. Speaker, I yield 1 minute to the gentleman from Nebraska (Mr. Osborne).