Radio Address to the Nation on Tax Reform
My fellow Americans:
Good news for this hot summer day: Tax reform is on its way toward final victory in the Congress. To return for the moment to my old role as a radio sportscaster: It's the bottom of the ninth, and tax reform is rounding third and heading home. We're about to score the winning run, not just of the game but of the whole season. Still, we should remember, as Yogi Berra once said: ``The game isn't over till it's over.''
years ago, I instructed the Treasury Department to begin work on a
revolutionary overhaul of our tax system that would make it fairer and simpler
and stimulate growth by lowering tax rates. It's been a long, arduous struggle.
Each step of the way a chorus of pessimists predicted failure: It would never
get by the special interests. Tax reform, they said, stood about as much chance
as a long-tailed cat in a room full of rocking chairs. Well, they forgot one
Thanks to the support of the American people, tax reform has gained steadily in popularity and momentum, powering past the opposition and on to victory in both Houses of Congress. Now, just last week the Senate-House conference committee approved an agreement that reconciles the Senate and House versions. We want to commend Chairmen Packwood and Rostenkowski for this great achievement. The next step is final approval -- an up or down vote in both Houses. There is absolutely no reason for any further delay, which only causes uncertainty and puts a damper on investment and economic growth. I urge Congress, when it reconvenes in September, to act promptly and make tax reform the law of the land.
me give you a few of the highlights of this revolutionary tax overhaul. First
of all, the present 14-rate structure will be collapsed into only 2, and over
80 percent of the American people will pay the lower rate of only 15 percent or
will pay no taxes at all. The top individual and corporate rates will also be
slashed, while many special tax breaks will be closed. All of this will draw
will no longer use the tax code to make economic and social policy. Instead,
we're going to let market forces shape our economy into a sleek and efficient
powerhouse of growth. With tax reform,
Until next week, thanks for listening, and God bless you.
The President spoke at from his ranch in