Tax Reliefs Helps our Economy

TAX RELIEF HELPS OUR ECONOMY

Ms. FOXX. Mr. Speaker, a few weeks ago, the U.S. Department of Commerce reported that our Nation's real gross domestic product was revised from 4.8 percent up to 5.3 percent. That is the fastest growth of our GDP in 2 1/2 years. That is not the only good news. Our economy has created 5.3 million jobs since May 2003. 75,000 jobs were created last month alone. Unemployment has dropped from 6.3 percent to 4.7 percent, lower than the average of the 1960s, 1970s, 1980s, and 1990s. Personal income increased at an annual rate of 6.7 percent in April. The Treasury Department is reporting the highest annual tax receipts ever. The Federal budget deficit is $38 billion lower today than in May 2003. Last month Republicans approved a tax conference agreement that will continue this economic boom, and once again, the Democrats fought to stop it. In fact, if Democrats had their way, we would all face a massive tax hike.

Mr. Speaker, the Republicans will continue to hold the line on spending and extend tax relief for all Americans. We know that these for-growth policies work, and they will continue to foster economic growth.

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