Wilson: “Historic Day for American Taxpayers”

FOR IMMEDIATE RELEASE
CONTACT: Emily Lawrimore
202-225-2452 (W)
202-468-3258 (C)

May 17, 2006

Wilson: “Historic Day for American Taxpayers”

Today, Congressman Joe Wilson (SC-02) made the following statement after witnessing President Bush sign the “Tax Increase Prevention and Reconciliation Act of 2005,” into law at the White House. This legislation extends the President's 2003 tax cuts on dividends and capital gains and provides immediate relief against the alternative minimum tax (AMT).

“Today is a historic day for American taxpayers. By signing this important legislation into law, President Bush prevented tax increases and ensured that families throughout our country continue to keep more of their hard-earned income.

“While I am proud of this tremendous victory, I know that our work is far from over. 85 House Democrats voted against tax relief last week and clearly expressed their support for raising taxes on American families and businesses. As our economy continues to surge ahead, House Republicans will remain committed to policies that empower Americans rather than the federal government.”

Since the 2003 Tax Cuts, America’s Economy Has Surged Ahead at a Record Pace:
(Source: White House)

ò GDP grew at a strong 4.8 percent annual rate in the first quarter of this year. This follows our economic growth of 3.5 percent in 2005 - the fastest rate of any major industrialized nation.

ò Productivity Increased At A Strong Annual Rate Of 3.2 Percent In The First Quarter of 2006.

ò Hourly Compensation Rose At A 5.7 Percent Rate In The First Quarter of 2006 - More Than Twice As Much As In The Previous Quarter.

ò The Conference Board Index Of Consumer Confidence Increased In April To Its Highest Level In Almost Four Years.

ò Industrial Production Posted A Solid Gain In March. Industrial production increased 0.6 percent in March and rose 4.5 percent at an annual rate in the first quarter.

ò Consumer Spending Rose 0.6 Percent And Personal Income Rose 0.5 Percent In March.

ò Over The Past 12 Months, Employment Increased In 48 States. In March, four states set record low unemployment rates.

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