Cornyn: We Must Extend The Tax Relief That Led to 265,000 New Texas Jobs in Past Year

Statement

Cornyn: We Must Extend The Tax Relief That Led to 265,000 New Texas Jobs in Past Year

U.S. Sen. John Cornyn, R-Texas, today issued the following statement regarding the new report showing 29,400 jobs were added to the Texas payroll in July, marking the 34th consecutive month of Texas job growth. Texas' share of job expansion this month, released Friday by the Texas Workforce Commission, accounted for a third of the entire nation's July gains of 92,000 jobs. Sen. Cornyn stressed the importance of continuing the across-the-board tax relief of 2001 and 2003, which has led directly to robust job creation in Texas, and which is in jeopardy of expiring under new leadership in Congress.

"Over the past six years, after three rounds of Republican-led, across-the-board tax cuts, doors have opened for thousands of Texas job-seekers, with 265,900 new jobs created in Texas in just the past year. With some of the highest monthly job gains in the country, Texas has been at the helm of national economic growth.

"Tax relief over the past six years has translated into real, meaningful savings for millions of Texas taxpayers, but unfortunately, under new leadership in Congress, the tax talk has shifted from lowering taxes to raising them. In addition to a number of alarming tax hike proposals being floated on Capitol Hill, the $2.9 trillion budget that the Democrat Congress passed earlier this year assumes the largest tax increase in history. Commonsense should tell Congress that provisions such as the $1,000 child tax credit, eliminating the death tax and dividends and capital gain tax relief should be made a permanent part of the IRS Code.

"This past month, nearly 30,000 Texans found jobs and will begin contributing to our state's economy. Let's hope leadership in Washington makes that a reality for thousands more and continues the meaningful tax relief that has created opportunity and growth in Texas."

Earlier this year, the U.S. Senate approved a budget amendment offered by Sen. Cornyn to make income tax hikes more difficult by requiring a super-majority of the Senate, or 60 votes, to pass any legislation that increases tax rates. Unfortunately, it was later stripped out by the Democrats.

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