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The headline read “Job market gets major boost during November.” The story that followed detailed how the economy created 215,000 jobs and the unemployment rate remained at the historically low number of 5.0 percent in November. This story –and others like it – appeared in newspapers across the country over the weekend. The positive numbers from last month mean the economy has now added jobs for an amazing 30 consecutive months.
This period of economic growth began more than two and a half years ago. It was in May of 2003 that Congress passed the Jobs and Growth Act which provided tax relief for millions of Americans. Since the enactment of that law, 4.5 million jobs have been created, the stock market has rebounded, record numbers of Americans have realized the dream of homeownership, and there has been constant GDP growth. There are several factors that have contributed to our healthy economy, but smart tax policies have proven to be one of the primary drivers of this growth.
This week, important legislation will come to the House floor which will give Congress the opportunity to keep this economy moving by making sure these policies remain in place. This measure keeps taxes on individuals at current rates, retains the tax relief on capital gains and dividends, and extends sales tax deductibility provisions (which I wrote about two weeks ago in the Roundup). If Congress does not pass this bill, it will mean an automatic tax increase for millions of taxpayers. This would not only mean that, come January, the federal government will be taking more money out of your paycheck, but it would also be bad news for the economy.
House to Take Up Immigration Reform
The wheels are in motion to get a major immigration reform bill to the floor of the House. This legislation, in combination with a stronger commitment to enforce laws already on the books, is the remedy needed to fix an ailing immigration system. There is some talk of voting on the bill before Christmas. If we don’t get to it this year, it will be one of the first pieces of legislation we focus on in the new year. As this bill makes its way through the legislative process, I will provide additional updates on this very important issue.
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