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| Wilson Votes against Tax Increase |
May 17, 2007 |
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House Passes Democrat Budget with Second-Largest Tax Hike in History
Washington, DC – Congresswoman Heather Wilson today opposed the Democrat budget that passed the House 214-209, voting against it because it will raise taxes on New Mexicans.
“Under this budget, spending will spike and your taxes will go up,” Wilson said.
The Democrat budget includes a tax increase of $217 billion. The bill has room for a one-year patch for the Alternative Minimum Tax (AMT) but fails to fix it permanently and allows other tax relief measures that helped create jobs to expire. The Marriage Penalty is coming back. The child tax credit will be cut in half and personal income tax rates will go back up.
The bill increases spending $21 billion above the spending requested by the President.
Under current tax policies, the American economy is growing and strong. Unemployment is low, federal deficits are diminishing, federal revenue is surging and home ownership is at record highs. We have seen 42 straight months of job growth, creating 7.5 million new jobs since August 2003. Even with this good news we must continue to support policies that create jobs. That means low taxes and fair regulations so that small business can thrive.
In February 2004, the Congress set a national goal to cut the deficit in half by 2009, and achieved it three years early.
Wilson supports lower taxes and policies that encourage economic growth. She voted for the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), which have combined to significantly reduce the tax burden on New Mexico families and helped spur the growth that has created jobs. Last year, 642,000 New Mexicans paid lower income taxes because of these two laws, which reduced the marriage penalty, lowered income taxes, increased child tax credits and created of a new lower 10 percent tax bracket that helped over a half-million New Mexicans last year.
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