May 8, 2003
 
Jobs and growth top nation’s priority list
 
With Saddam Hussein’s despotic regime vanquished, our nation now turns its attention to rebuilding.

But we’re not just going to rehabilitate Iraq. We’re going to focus like a laser beam on growing the American economy and creating good jobs.

It’s a giant task, but one that does not allow for failure. It will take time, but the world’s largest economy doesn’t turn on a dime. The payoff for sound, fundamental reform of our tax code merits our patience.

I am supporting President Bush’s Jobs and Growth Tax Act, albeit a smaller package than he had hoped for.

Earlier this year, I gave my support to a $726 billion growth package that passed the House. The Senate, unfortunately, scaled back the stimulus.

I’m proud that in the House we’re going to work diligently to provide as much tax relief to the American people as is possible.

And the reason is simple: More tax relief equals more jobs.

As President Bush points out continuously, the Jobs and Growth Tax Act allows Americans to keep more of their money and helps small businesses to expand today, while generating long-term economic growth in years to come.

“An economic plan that makes sense also must focus on small businesses. Small businesses create most of the new jobs in America. If you're interested in economic vitality, like I am, and like you are, there needs to a vibrant component of any tax plan that affects small business,” Bush said recently.

He’s right. That’s why the growth plan allows the nation’s 23 million small business owners to keep more of their profits -- an average of $2,042 – money they can use to expand or boost their employees’ pay.

Plus, every American who pays taxes will get a tax cut, giving the economy an immediate shot in the arm.

We’ll hammer away at the counterproductive marriage penalty; we’ll increase the child tax credit and give working families relief from the alternative minimum tax.

Experts such as Alan Greenspan and Charles Schwab have praised the president’s strong efforts to eliminate the double taxation of dividends. Both argue the move is not only fair, but it would also stimulate investment and stock prices.

Because the Senate scaled back the growth package, it looks as if we won’t be able to completely eliminate the double tax on dividends this year.

That frustrates me, but at least we’ll cut the maximum tax rate on dividends AND capital gains down to 15 percent. For taxpayers in the lowest bracket, those rates will drop to 5 percent.

These are all steps in the right direction, and I believe they will bolster the positive signs emerging in our economy: dropping gas prices, increasing productivity, rising stock prices, improving consumer confidence and low interest rates.

In the meantime, many Americans are still struggling to find jobs in our limping economy.

I believe firmly that we have an obligation to keep to Americans to open up doors of opportunity and to assure they get the training they need for our ever-changing economy.

As such, I’m supporting a bill (The Workforce Reinvestment and Adult Education Act) to improve access to training for unemployed workers seeking a job and low-skilled workers desiring a better job, including people with disabilities.

As a conservative, I believe the government should give people opportunity to lift themselves up – not the other way around.

So let’s cut our tax burden and let Americans spend money the way they see fit.


Next                                                        Previous
Press Release            Press Release List            Press Release