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WASHINGTON - Rep. Jeb Hensarling (R-TX) today pointed to the record high Dow Jones Industrial Average, falling consumer prices, and 37 consecutive months of job growth as further evidence of a surging American economy. Hensarling made clear that the tax relief passed by the Republican Congress and President Bush has allowed hard working Americans to keep more of their own money, creating a pro-growth environment that has enabled the economy to thrive.
“The tax relief passed by President Bush and the Republican Congress has left more money in pockets of hard working Americans at the end of each work week,” said Hensarling. “The stock market is soaring, the deficit is down, after-tax incomes are up, and homeownership is near an all-time high. In the process 6.6 million jobs have been created.
Hensarling noted Democratic leadership has been clear in their intent to raise taxes on American working families. Rep. Charlie Rangel, the Democratic ranking member on the House Ways and Means Committee, has forcefully endorsed tax hikes in recent interviews, and Minority Leader Nancy Pelosi maintains that tax increases are “on the table.”
“Nancy Pelosi, Charlie Rangel and their band of liberal Democrats are not shy about their desire to raise taxes on hard working American families,” said Hensarling. “Their insistance on raising taxes will force working families to ante up over $2000 each year to Washington. That has a real effect on Americans, who would be forced to work an extra 2 weeks each year of work just to pay the tax collector,”
Hensarling noted that unless the Republican tax cuts are extended past their current expiration date, 42 million American families will see a tax increase of over $2000. A family of four making $50,000 today will see a tax increase of 132% to fund Nancy Pelosi’s San Francisco agenda. |
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