Continued Tax Relief for Americans Requires Legislative Action
Continued Tax Relief for Americans Requires Legislative Action
Today, the Bureau of Economic Analysis released personal income data for September, showing 3.9 percent growth after inflation in the take-home pay of Americans in the last year, aided in part by tax relief passed in 2001 and 2003. Republicans fought to enact this legislation and will fight to extend it as much of the tax relief benefiting Americans, like the increased child tax credit, marriage penalty relief and overall lower tax rates, is set to expire down the road.
Without action, Americans will see more of their paychecks going to Uncle Sam, instead of their personal bank accounts. This weekend, in the Washington Post, Ways and Means Ranking Member Charlie Rangel showed his party's plan to raise taxes on Americans.
Washington Post, "Tax-Cut Rollback Not On Table, Rangel Says," 10/28/06:
"Does that mean the cuts that have so far saved taxpayers an estimated $1.1 trillion will not survive their expiration date? Rangel demurs."
"In order to prevent tax increases on millions of Americans, Congress must proactively prevent it from happening. Republicans fought for the tax relief and will fight to keep it intact. Democrats won't even give a straight answer on the fate of expiring tax relief," said Ways and Means Chairman Bill Thomas (R-CA). "After fighting against these very tax relief packages, how is anyone supposed to believe Democrats will vote to extend them?"
Tax relief enacted since 2001 has returned millions of dollars to Americans and has led to broad economic growth in all sectors of the economy:
* 3.9 percent growth above inflation in disposable personal income in the last 12 months
* 4.6 percent unemployment in September as more Americans are working than ever
* 6.6 million new jobs since tax relief in 2003
* 9.0 percent growth in U.S. exports in the last four quarters
* 2.9 percent growth in the GDP report's major inflation index in the last four quarters
* Business investment jumped 5.7 percent in the last four quarters
* Real wages for production and non-supervisory workers grew 2.2 percent above inflation in the last 12 months, a sign that the expansion is reaching all American workers
http://waysandmeans.house.gov/News.asp?FormMode=release&ID=446