Remarks to the Mortgage Bankers Association of America

Weekly Compilation of Presidential Documents, March 9, 1998

None of us would say that no one on Earth couldn't devise a better tax system than we have. There may be better options. But I think before we say we're going to get rid of the one we have on a date certain, we need to know what we're going to replace it with. And I would implore you, if you agree with me, to make that case to your Member of Congress without regard to party.

Again, I don't see this as particularly a partisan issue. I just think it sounds great. I will vote for a bill to get rid of this cursed Tax Code. Thank you very much. [Laughter] It's almost irresistible, you know, but so was the siren's song. We must continue to have predictability in the investment climate. We must continue to have predictability when it comes to savings. We must continue to have a framework, which will keep us doing what we've been doing for the last 5 years.

And that means, by the way, it means we have to continue to be open to changes in the tax law and in the way the IRS operates, and in all these systematic things that we have to continue to modernize. Of course, we must. But we mustn't buy a pig in a poke. We have to continue to proceed with discipline. Scrapping the home mortgage deductions, scrapping other middle class tax cuts without presenting a clear alternative is simply reckless for the economy, reckless for businesses, reckless for families' budgets. I will not permit it if I can stop it. But it shouldn't pass in the first place, and I hope you will help us on that.

Now, again I say, Congress should pass the IRS reforms that are before it. It should pass further tax cuts. But we should balance the budget, do nothing with the surplus until we have saved Social Security, not abolish the Tax Code until we know what we're going to replace it with.

We're going to change around here. This system has proved that we are capable of change. No one should stand in the way of constructive change, but we should stay with the plan that we know works. You look at where we are today in your business compared to where we were 5 years ago. Look at where we are today with the people that you work to serve compared to where we were 5 years ago. Imagine where you want to be 10 years from now. Imagine what you want the future to look like for your children and your grandchildren, to do those things, which will build that future.

Thank you very much.

NOTE: The President spoke at 10:40 a.m. in the Columbia Ballroom at the Hyatt Regency Hotel. In his remarks, he referred to Marc Smith, president, Paul Reid, executive vice president, and Michael Ferrel, senior staff vice president/legislative counsel, Mortgage Bankers Association of America; and Mary Ellen Withrow, Treasurer of the United States.