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SENATE-Friday, May 21, 1993

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SENATE-Friday, May 21, 1993 10748 CONGRESSIONAL RECORD-SENATE May 21, 1993 SENATE-Friday, May 21, 1993 (Legislative day of Monday, April 19, 1993) The Senate met at 10 a.m., on the ex- Mr. ROBB thereupon assumed the FE! includes such things as the im­ piration of the recess, and was called to chair as Acting President pro tempore. puted rental value of the family home; order by the Honorable CHARLES S. life insurance; the Social Security ROBB, a Senator from the State of Vir- checks of a live-in parent; tax-exempt ginia. RESERVATION OF LEADER TIME interest; most Government transfer The ACTING PRESIDENT pro tem­ payments; IRA's; deductible retirement PRAYER pore. Under the previous order, the contributions; and health insurance, to The Chaplain, the Reverend Richard leadership time is reserved. name a few. C. Halverson, D.D., offered the follow­ What FE! really is, however, is a dis­ ing prayer: MORNING BUSINESS tortion of what a taxpayer's actual in­ Let us pray: come is. The taxpayers cannot under­ In a moment of silence, let us re­ The ACTING PRESIDENT pro tem­ stand it. member Noel Coffey, one of our floor pore. Under the previous order, there That is, they cannot understand fam­ men, who is undergoing a third bypass will now be a period for the transaction ily economic income. They do under­ today. of morning business for not to extend stand adjusted gross income. * * * they that wait upon the Lord beyond the hour of 10:20 a.m. I challenge the Treasury to try and shall renew their strength; they shall The Senator from Iowa [Mr. GRASS­ convince average, overtaxed Ameri­ mount up with wings as eagles; they shall LEY] is recognized for up to 10 minutes. cans-you know, the ones who can't af­ run, and not be weary; and they shall ford a $200 haircut by a glitzy, Holly­ walk, and not faint.-Isaiah 40:31. THE PRESIDENT'S TAX PLAN wood hairdresser-that his or her Gracious God our Heavenly Father, health benefits and deferred retirement we join in prayer for Senator HEFLIN, Mr. GRASSLEY. Mr. President, how are actually income. that he may be restored rapidly to many times have we asked what time Taxpayers understand another dis­ heal th and strength. We thank Thee for it is, and the response came back in tribution system, based on adjusted the speedy recovery_ of Mrs. Rockefeller Greenwich mean time? Probably not gross · income. That is because they and pray that You will give her pa­ very often. Because it is an inappropri­ have to determine what their AG! is on tience until her recovery is complete. ate response. If I ask what time it is, their yearly tax forms. Father in Heaven, in a large Senate what good would it do me if someone So the clarification is needed in a family like ours, many can be hurting, responds: "It's 3 o'clock Greenwich language familiar to the taxpayers. and most of us know nothing about it. mean time?" They need a simple, bottom-line expla­ We join in prayer for those among us Earlier this year, Mr. President, nation of who owes what under the who suffer. Where there is sickness, members of the Finance Committee on President's tax plan. grant recovery. Where there is loneli­ which I serve, asked the Treasury De­ After all, the President said no one ness, remind them of Your nearness. partment, in effect, what time it is. making less than $30,000 a year will be Where there is tragedy, fill hearts with This week, we received their response. taxed under his plan. Your peace. Where there is alienation It was equally inappropriate. I think we all know that that is balo­ in the family, bring healing and rec­ They responded with the . equivalent ney. A skeptical public-already grave­ onciliation. Where there is financial or Greenwich mean time. They pro- ly afflicted,with promise shock in this difficulty, remind them You have . vided a dissertation on why Greenwich young administration-wants to see for promised to supply all their needs. mean time is a preferred standard for itself. Seeing is believing, when it Loving Lord, touch every life in our telling time than is eastern daylight comes to taxes, and when it comes to family where there is need, and help us time. What good does that do, Mr. this administration. all remember that You are a God of in­ President? So the committee's request was for a fini;,e, unconditional love, and that Now, why would I be standing here in response in terms of adjusted gross in­ You really care. Washington, DC, wanting to know come. Instead, the response was a dis­ We pray in the name of the Great Greenwich mean time? Physician. Amen. course on why family economic income Let me put the issue more in context. is a more appropriate system for the In February, several of us on the Fi­ taxpayers. But what good does this an­ APPOINTMENT OF ACTING nance Committee, led by Senator ROTH swer do for the taxpayers? PRESIDENT PRO TEMPORE and Senator PACKWOOD, asked Sec­ They still do not know where they The PRESIDING OFFICER. The retary Lloyd Bentsen for clarification stand. clerk will please read a communication of the President's tax plan. Clarifica­ And so today, I have made a new re­ to the Senate from the President pro tion was essential. The tax tables sup­ quest-to the President. I made a re­ tempore [Mr. BYRD]. plied by the Treasury were based on quest for this data on how his program The assistant legislative clerk read what is known as family economic in­ and tax increases square when on a the following letter: come. level playing field with adjusted gross U.S. SENATE, FE! is a system well-known to econo­ income. PRESIDENT PRO TEMPORE, mists and policymakers. In fact, they Mr. President, no one disputes the Washington, DC, May 21, 1993 ." are the only ones who understand it. worth of distribution tables based on To the Senate: The average taxpayer does not. family economic income. Family eco­ Under the provisions of rule I, section 3, of Let me take a stab at explaining nomic income has been around for a the Standing Rules of the Senate, I hereby what FE! is. It is an attempt to meas­ appoint the Honorable CHARLES s. ROBB, a long time. But so has adjusted gross in­ Senator from the State of Virginia, to per­ ure a family's economic well-being. It come. And both sets of tables have form the duties of the Chair. includes noncash income which is not been provided to the public by previous ROBERT C. BYRD, included in adjusted gross income, or administrations. President pro tempore. AGL Until now. e This "bullet" symbol identifies statements or insertions which are not spoken by a Member of the Senate on the floor. May 21, 1993 CONGRESSIONAL RECORD-SENATE 10749 Why do you suppose that is, Mr. that the administration has been chal­ year, domestic production fell below 7 President? lenged, they should come clean. million barrels per day-the lowest And on what basis is the information Stonewalling only draws more atten­ level since 1960. It does not take any denied? The only rational explanation tion to what they are hiding. knowledge of the oil industry to figure given was in a letter of response to President Clinton, give us the data. out if domestic production is dropping Senator PACKWOOD from Secretary I yield the floor. and imports are rising, we've got a Bentsen, dated May 18. Mr. President, I suggest the absence problem. Let me quote from that letter. Sec­ of a quorum. The key measure of the heal th of the retary Bentsen writes: The· ACTING PRESIDENT pro tem­ domestic oil industry is the active The Treasury Department continues to be­ pore. The clerk will call the roll. drilling rig count-the amount of ac­ lieve that a distribution table using AGI as The legislative clerk proceeded to tual exploration being conducted. The the income measure would confuse, rather call the roll. first 3 months of 1993 saw the average than clarify, assessment of the administra­ Mr. DOLE. Mr. President, I ask unan­ number of drilling rigs looking for oil tion's revenue proposals. imous consent that the order for the and natural gas in the United States Mr. President, let me repeat that quorum call be rescinded. dwindle to 74-an all-time low. For quote. The ACTING PRESIDENT pro tem­ comparison, this is down from 78 in This is from Secretary Bentsen's let­ pore. Without objection, it is so or­ 1992 and 114 in 1991. Throughout the ter back to us in the Congress. dered. 1970's and early 1980's, the number The Treasury Department continues to be­ The Republican leader is recognized. averaged 408. Domestic production can­ lieve that a distribution table using adjusted Mr. DOLE. We are in morning busi­ not increase without an increase in the gross income as the income measure would rig count. Yet, it too is on a decline confuse, rather than clarify, assessment of ness; is that correct? The ACTING PRESIDENT pro tem­ with no indication of reversal. the administration's revenue proposals. According to the Bureau of Labor Now, Mr. President, I do believe that pore. The Senator is correct. The pe­ riod for morning business has not yet Statistics, the oil and gas industry has statement borders on the cynical. The lost 477,000 jobs over the past 10 year&- President stated that no one under formally terminated.
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