Message to the House of Representatives Returning Without Approval the Tax Fairness and Economic Growth Acceleration Act of 1992 March 20, 1992
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Mar. 20 / Administration of George Bush, 1992 way we were. Thirty-eight years ago Don sion I college football teams to finish James graduated from Miami. Applying undefeated and untied in the same season equal time, Dennis Erickson hails from since 1976. Teams which showed, as quar- Washington. And it’s today, though, that terback Joe Kapp once said, ‘‘The greatest we’re here to focus on, on how the Purple game in America is called opportunity. and Gold turned opponents black and blue. Football is a great expression of it.’’ And I think of the Purple Haze of Dave The American political system has a play- Hoffman and Lincoln Kennedy, nicknamed off to decide a winner. It’s called an elec- the ‘‘Oval Office.’’ Now, where are these tion, Presidential election this year. And as two guys? I’ve got to see them. I can see of now the NCAA does not. And yet, in why. And at 6′ 7′′ and 325 pounds, the Pen- the truest sense, each of you are winners: tagon would be more like it. [Laughter] In- undefeated, untied, unbowed. cidentally, I want to salute your dad, a ca- And so, Barbara and I wanted to welcome reer Navy man who served in the Gulf. you here to extend our most sincere con- And then there’s Outland Trophy and gratulations not just for winning but for the Lombardi Trophy winner, all-American, example you and especially these two coach- Heisman Trophy finalist, Steve Emtman. es set for the rest of the country, to our Steve. You’ve got them all hiding in the country, the greatest, freest land on the face back here. [Laughter] All right. Welcome of the Earth. Welcome to the White House. to the White House. Congratulations. And may God bless all of And Mario Bailey. Mario, where are you? you. Right here next to me: 4 years, Rose Bowl heroics, six school records including receiv- ing yards and touchdowns. And Washing- Note: The President spoke at 1:40 p.m. in ton’s quarterback who made 1991 an ‘‘Ode the East Room at the White House. In his to Billy Joe.’’ Passing to the 3 Smurfs, remarks, he referred to University of Wash- throwing a school record 22 touchdowns, ington football coach Don James, University Billy Joe Hobert became the second straight of Miami football coach Dennis Erickson, Huskie sophomore quarterback to be ABC sportscaster Brent Musburger, and named the Rose Bowl’s most valued player. former Minnesota Vikings quarterback Joe And so today I salute the only two divi- Kapp. Message to the House of Representatives Returning Without Approval the Tax Fairness and Economic Growth Acceleration Act of 1992 March 20, 1992 To the House of Representatives: program would create jobs, generate long- I am returning herewith without my ap- term economic growth, and promote health, proval H.R. 4210, the ‘‘Tax Fairness and education, savings, and home ownership. Economic Growth Acceleration Act of My plan would encourage investment and 1992.’’ In my State of the Union Message, enhance real estate values—without tax in- I proposed a responsible, balanced eco- creases. nomic growth program. I challenged the Tax increases would undermine the Congress to pass incentives for growth by emerging recovery and act as a barrier to March 20. The Congress failed to meet that long-term growth. I call on the Congress challenge. The Congress’ response, H.R. to pass the seven commonsense measures 4210, is a formula for economic stagnation, that I asked for by this date, without tax not economic expansion. increases, and to join me in pursuing a long- My Administration’s economic growth term agenda for growth. 476 Administration of George Bush, 1992 / Mar. 20 I am disappointed that after 52 days the are the primary source of new job creation. Congress has produced partisan, flawed leg- H.R. 4210 would raise income tax rates islation. Rather than work in a constructive substantially for some individuals, in some manner to strengthen the economy and to cases increasing marginal rates by more create jobs, congressional leaders chose the than 30 percent. path of partisanship. H.R. 4210 would jeop- This is the wrong time to raise taxes, to ardize the recovery. It would not create increase the deficit, or to send a message jobs. It would not create incentives for long- of fiscal irresponsibility to financial markets. term investment and growth, it does not I am therefore returning H.R. 4210, and contain a tax credit for first-time home- I ask the Congress again to pass my eco- buyers, and it contains wholly inappropriate nomic growth program, without raising special interest provisions. taxes. H.R. 4210 would increase taxes by more than $100 billion. More than two-thirds of GEORGE BUSH all taxpayers facing tax increases as a result of this bill would be owners of small busi- The White House, nesses and entrepreneurs. Small businesses March 20, 1992. Remarks to Republican Members of Congress and Presidential Appointees March 20, 1992 Welcome to the White House. Fifty-two change. And I am disappointed in Congress. days ago in my State of the Union Address, In fairness, some Democrats did not want I asked Congress to act on my agenda for to put a tax increase in the bill. And I salute economic growth. And I asked for imme- them for courageously standing up against diate action by March 20th on a series of more taxes. But politics prevailed. A slim proposals to help rekindle the economic re- majority passed the bill in the face of a covery. And I asked the Democratic leader- certain veto. But they aren’t blocking my ship to put partisanship aside, pledging to economic recovery plan because they’re do the same, in order to enact seven sen- afraid it won’t work; they’re blocking it be- sible steps to increase investment, strength- cause they’re afraid it will work. en the value of American homes, and create I do not take this step lightly. No Presi- jobs. Well, March 20th has arrived, and no dent has vetoed a major tax bill since Harry recovery bill of any kind has come to the Truman did it in 1948. But I submitted an White House as of now. economic growth plan to Congress for a rea- This morning the congressional conferees son: to promote a recovery in which every finished work on a tax bill. It would increase American has an interest. The package I taxes and harm the economy. And so, today proposed was carefully tailored. It was paid I am doing three things. First, I have just for without raising taxes. It was designed signed the veto message to stop the Demo- to encourage and strengthen the positive crats’ tax increase. And second, I am taking economic signs we’re beginning to see: several additional steps on my own to help home sales and housing starts up as interest the recovery with or without action by Con- rates stay down; retail sales improving; gress. And third, while the Democratic lead- 164,000 new jobs last month alone. ership in Congress is in disarray, I am pro- In response, the Democratic Congress has posing action on the real challenges facing returned to form. It’s produced a bill that America, on my long-term plans to help will not strengthen the economy; it will America compete in the global economy of weaken it. It’s produced a bill that will not the future. stimulate growth; it will stifle it. As if by Now is the time for real, significant reflex, the Democrats in Congress could not 477.