Senate Passes Bill To Extend Tax Relief, Prevent Tax Increase

Senate Passes Bill To Extend Tax Relief, Prevent Tax Increase
"We've prevented a huge tax increase on hard-working families," Cornyn says
Thursday, May 11, 2006

WASHINGTON—U.S. Sen. John Cornyn, a member of the Joint Economic and Small Business Committees, made the following statement Thursday regarding Senate passage of the Tax Increase Prevention and Reconciliation Act of 2005, which extends many provisions of the President's tax relief:

"By passing this bill, we've prevented a huge tax increase on hard-working families and small businesses. We've already seen the positive impact of the tax relief passed in 2003: Unemployment is at historically low levels, more than five million new jobs created, and homeownership is at record levels. And this bill will continue that positive news for the American economy by providing additional relief for American families and expanding job growth.

"In addition, extending tax relief on dividends and capital gains income will give a continued boost to the economy. This tax relief will help increase job opportunities in Texas, and keep more of the paycheck in family bank accounts—not the government's."

Sen. Cornyn is a member of the following Senate Committees: Armed Services; Judiciary; Budget; Small Business and Entrepreneurship; and Joint Economic. He is also the chairman of the subcommittees on Immigration, Border Security and Citizenship and Emerging Threats and Capabilities.

http://cornyn.senate.gov/index.asp?f=record&lid=1&yid=1&rid=237179&pg=1