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Bush Tax Cuts Tackle Federal Deficit

Date: July 10, 2006
Location: Washington, DC
Issues: Taxes


BUSH TAX CUTS TACKLE FEDERAL DEFICIT

Mr. WILSON of South Carolina. Madam Speaker, in a rare display of accuracy, today the New York Times highlighted how the Bush tax cuts are helping tremendously reduce the Federal deficit. As the drive-by paper reported, an unexpected steep rise in tax revenues from corporations and the wealthy is driving down the projected deficit this year. On Friday, the Congressional Budget Office reported that corporate tax receipts for the 9 months ending in June hit $250 billion, nearly 26 percent higher than the same time last year, and that overall revenues were $206 billion higher than at this point in 2005.

This incredible increase in tax receipts demonstrates that Republican policies are truly benefiting all sectors of the American economy. By reducing taxes, we have helped American businesses create jobs and, in turn, contribute larger amounts, reducing the Federal deficit. House Republicans will continue to work to make these effective tax cuts permanent.

In conclusion, God bless our troops, and we will never forget September 11.

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