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Tax Reductions Benefit Families

Floor Speech

Date: May 22, 2007
Location: Washington, DC
Issues: Taxes


TAX REDUCTIONS BENEFIT FAMILIES -- (House of Representatives - May 22, 2007)

Mr. WILSON of South Carolina. Mr. Speaker, yesterday's The Hill features an advertisement by Merrill Lynch that praised the 2003 tax cuts, proclaiming, ``Lower capital gains and dividend tax rates have produced major economic gains.''

I was present 4 years ago this week when President Bush signed the tax reduction legislation. The results are some of the most successful ever. The economy has expanded $1.6 trillion; 7.8 million new jobs have been created; unemployment rates are near historic lows. The stock market is at a record high, soaring 40 percent. Tax revenues are the highest ever because of private sector growth. Twenty-four million families have received an average tax cut of $950. The lower rate on savings and investments has helped our economy grow to benefit American families.

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


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