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Clinton's Revised Tax Cut Plan Falls $15 Billion Short, Archer Says

Wednesday, July 2, 1997

OnLine

President Clinton’s revised tax plan falls about $15 billion short of the $85 billion net tax cut called for in the budget agreement between the White House and congressional leaders, House Ways and Means Committee Chairman Bill Archer, R-Texas, said in a July 2 press release.

"I’m disappointed that the President’s latest tax plan does not provide the amount of tax relief promised to the American people....It’s important we don’t allow taxpayers to be shortchanged on the tax relief they need and deserve," Archer said.

The President’s plan provides $70.6 billion in tax relief over five years and $210.6 billion over ten years, according to a Joint Committee on Taxation staff analysis released by Archer.

The approximately $15 billion shortfall results from the fact that the revenue raised by the President’s proposed tobacco tax is not included in the revenue tables released by the Clinton administration.