Statement on the Introduction of Federal Tax Reduction Legislation in the House of Representatives

I want to commend Congressmen Barber Conable and Kent Hance for the introduction of a new bipartisan tax bill [H.R. 3849] this afternoon. This bill, carefully crafted during hours of discussion with members of both parties, brings with it fresh hope of economic progress for all Americans.

My administration is fully committed to this bill, and I trust that in coming weeks we will build a strong, national, bipartisan consensus for its passage.

In recent weeks, the American people have heard a great deal about taxes, some of it perhaps confusing, but there is now only one bill before the House—the bill introduced today—that offers true tax relief and a new economic beginning.