WASHINGTON, D.C. – Representative Adam H. Putnam (R-FL 12) today called the passage of the Conference Report on H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005, a "victory for American taxpayers and the American economy."

"On a day when numbers were released showing that the Republican tax cuts had once again increased government revenues, it is only fitting that we take this step towards cementing the positive economic gains of the past several years," stated Putnam, who serves as Chairman of the House Policy Committee. "With more money in people's pockets, the economy continues to strengthen, creating jobs and opportunity for millions of Americans."

The Conference Report to H.R. 4297, the Tax Relief Extension Reconciliation Act of 2005, contains two key elements: first, it provides middle class tax relief to those paying the Alternative Minimum Tax (AMT); and second, it extends the lower tax rates on capital gains and dividends for two additional years. The Conference Report passed the House by a margin of 244 to 185, with 182 Democrats voting to increase taxes. The Senate is expected to consider the measure tomorrow, and if it is approved, as expected, it will go to the President's desk for signature.

According to the Treasury Department's monthly budget report for May, tax receipts increased by $137 billion - or 11.2% - for the first seven months of FY2006, which is more than triple the inflation rate. For all of FY 2005, federal revenues increased by 14.6%, or $274 billion.

"These tax cuts have primed our economic engine that has produced millions of new jobs, low inflation and low unemployment, which in my home state of Florida is below 3%," Putnam stated. "House Republicans are committed to not raising federal taxes, and by extending these lower tax rates, Congress is ensuring that the economy can continue to prosper and grow in the months and years to come."

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