Taxes and the Economy

The U.S. economy has experienced extraordinary growth over the past six years. Although slower economic growth is projected in the near future, I am confident our economy is resilient enough to withstand this temporary downturn.

Congress must always exercise caution when dealing with economic issues, so that the government does not overreact and diminish the strength of fundamental, free market policies that have made our economy the largest in the world.

This begins by allowing Americans to keep more of their own money. My top priority is to make the tax cuts of 2001 and 2003 permanent. Failure to do so creates future uncertainty for families and businesses. Tax cuts set to expire in the near future include: the child tax credit, marriage penalty relief, small business expensing, the child adoption tax credit, the dividend and capital gains tax, and the death tax. American families should not be burdened by an increase in their tax bill.

I will continue to work with my colleagues to ensure we not only reduce the federal tax burden, but that we also begin substantive work on tax reform. To ensure that our economy continues to flourish, Congress must continue to cut taxes, reform the tax code, and eliminate unnecessary government regulations. When American families have more control over their money and their financial destiny, America becomes stronger.

For more information, click here for statistics on the economy.