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| Wilson Highlights Economy on Tax Day; Concerned about Democrat Tax Hike Plans |
April 16, 2007 |
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Wilson Opposed Democrat Budget that Raises Taxes by $2,300 on NM Families
Washington, DC – Congresswoman Heather Wilson today – Tax Day – highlighted the economy’s long run of job growth based on historic tax relief, but said she is concerned about Democrat plans to raise taxes on New Mexico families.
Last month, Wilson opposed the Democrat budget that passed the House 216-210, voting against it because it will raise taxes on New Mexico families.
“This budget includes the largest tax increase in American history,” Wilson said. “Under this budget, the marriage penalty will come back, income taxes will go up, the child tax credit will be cut in half, taxes will be increased on capital gains and dividends, and the death tax will come back to life in 2011.”
The Democrat budget blueprint includes an average tax hike of more than $2,300 on over 650,000 New Mexico taxpayers. The bill fails to fix the Alternative Minimum Tax (AMT), and includes tax hikes of $392 billion over five years on American taxpayers.
The bill also includes $20 billion above the spending requested by the President and in addition to the $20 billion in unrelated extras, such as funding for spinach producers, peanut storage and fishermen, in a recent supplemental spending bill for our troops.
Yet – under current tax policies – the American economy is growing. Unemployment is low, federal deficits are diminishing, federal revenue is surging and homeownership remains high. We have seen 42 straight months of job growth, creating 7.5 million new jobs since August 2003. In February 2004, the Congress set a national goal to cut the deficit in half by 2009, and achieved it three years early.
Continued support for policies that create jobs means low taxes and fair regulations so that small business can thrive.
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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