I still believe that smaller government and lower taxes are the most effective economic policies. Working Americans now pay more in taxes than at any time in history. If you add up the costs of federal, state and local taxes, the average citizen pays more than half of his/her income to the government. We should meet the most pressing needs of the government by cutting waste, fraud and inefficiency -- not by letting Washington make another grab into the taxpayers' pockets.
It is my opinion that stimulating the economy through tax relief restores consumer confidence, spurs capital investment, and creates new jobs, which are critical components of economic growth. I supported recent tax cuts, which lowered taxes on all Americans, including families in the Sixth District. I believe it is important for these tax cuts to be made permanent so families and small businesses are allowed to keep more of their hard-earned money.
These tax cuts, which are collectively known as the Bush tax cuts, were originally scheduled to expire at the end of 2010. These tax provisions were extended, with my support, until the end of 2012. Most economic forecasts suggest the economic and budget outlook will likely be characterized by high unemployment, sluggish economic growth, and relatively large budget deficits. Consequently, the 2012 debate over the fate of the Bush tax cuts is also likely to take place in a bleak economic and fiscal environment.