FOXX VOTES TO STOP TAX INCREASES

Thursday December 08, 2005

FOR IMMEDIATE RELEASE
CONTACT: Amy Auth
202-225-2071

WASHINGTON – This afternoon, United States Rep. Virginia Foxx (N.C.-5) took action to continue the tax relief for working Americans that was set to expire shortly.  She voted for the Tax Relief Extension Reconciliation Act of 2005, which passed the U.S. House in a vote of  234-197.

“It was an honor to have President Bush in the Fifth District this week to discuss our country’s impressive economic growth.  The President and I are committed to continuing the positive economic climate by working to make tax relief permanent and exercising spending restraint,” said Rep. Foxx.  “I was pleased to support this bill which will help every American family keep more of their hard-earned money.”

Key provisions in the Tax Relief Extension Reconciliation Act include:

  • Preventing a tax increase on all Americans by extending economic policies that are proven to stimulate economic growth.
  • Extending the reduced tax rates on capital gains and dividend income through 2010.  According to the Joint Committee on Taxation, over 60 percent of Americans receiving capital gains or dividend income make less than $100,000 per year.

“Lower taxes and pro-growth economic policies have created millions of jobs across America,” said Rep. Foxx.  “Unemployment is lower than the average of the past four decades, our GDP is growing and consumer confidence is higher.   We must continue on this path that has brought about this tremendous economic growth.” 

Current tax relief has led to a 15 percent increase in federal revenue over the past year, while the budget deficit is estimated to be reduced by $100 billion.

Rep. Foxx said it was unfortunate that some of her colleagues on the other side of the aisle continued to fight extending tax relief.  “The only thing they want to do is raise taxes and spend your money.  This mentality puts the family checkbook and America’s prosperity at risk,” she said.

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