JOBS AND TAX RELIEF -- (House of Representatives - May 13, 2004)
(Mr. PITTS asked and was given permission to address the House for 1 minute and to revise and extend his remarks.)
Mr. PITTS. Mr. Speaker, last month our economy created 288,000 jobs; 867,000 jobs have been created this year alone. Manufacturing employment is up, weekly jobless claims are at their lowest since October of 2000, our economy is on the rebound, and we have tax relief to thank for that. It is proof that when working families keep more of their own money, it works.
Today, we are going to act to prevent a tax increase. Current law says that the 10 percent tax bracket which was created in the 2001 jobs plan will expire. If that happens, 73 million working people will pay higher taxes next year, with an average tax increase of $2,400 in the next decade.
Today, we will see who in this House wants to prevent this tax increase. Working families need every penny we can let them keep.