Cornyn Statement On Tax Relief And Energy Package

Cornyn Statement On Tax Relief And Energy Package

U.S. Sen. John Cornyn made the following statement Saturday regarding the Senate's passage of measures included in a legislative package that will provide critical tax relief and increased domestic energy exploration. Among other provisions, the bill includes: extensions of the sales tax deduction and other expiring tax relief, expansion of domestic energy production by opening more than 8.3 million acres for oil and gas exploration in the Eastern Gulf of Mexico, and a freeze in the scheduled five percent cut in Medicare physicians' payments in 2007:

"This important legislation addresses a number of issues that are critical to Texas and its citizens, and I applaud my colleagues for working together to get the job done. It protects Texans from being discriminated against with an unfair tax increase which would have occurred if the sales tax deduction was not extended. It promotes needed efforts to decrease our dependence on foreign energy sources. And it prevents harmful Medicare payment cuts which would have affected health care services for patients.

"Extension of the sales tax deduction option is a victory for freedom and fairness in the tax code for Texans. This measure will provide a direct economic boost to our state's taxpayers and consumers, and benefits middle income families in particular.

"The provision to open new areas for exploration in the Eastern Gulf of Mexico is an important step toward increasing domestic energy production and reducing our dependence on foreign energy sources, and this can be done in an environmentally sound way. It's also very good news that Texas will benefit from this exploration through a fair and reasonable revenue sharing program."

http://cornyn.senate.gov/index.asp?f=record&lid=1&yid=1&rid=237274&pg=1