Wilson Praises Passage of Tax Relief Bill
Today, Congressman Joe Wilson (SC-02) voted in support of the Tax Relief Extension Reconciliation Act of 2005 (H.R.4297), which passed the House of Representatives by 234-197. This legislation will extend the reduced tax rates on capital gains and dividend income through 2010.
"After watching the American economy continue to flourish as a direct result of the 2003 tax cuts, today's vote was simply common sense," said Congressman Joe Wilson. "Over 57 million American families own stocks either directly or indirectly. By lowering their taxes, we have given them the opportunity to invest and spend more of their hard-earned money. It's a smart economic policy that ultimately benefits all Americans."
Economic indicators demonstrate the benefits of tax cuts. Since 2003:
- 4.5 million new jobs have been created,
- More Americans are working than ever before in our nation's history,
- The unemployment rate is lower than the average of the past three decades,
- The economy grew at 4.3 percent over the past 10 quarters,
- Tax receipts increased by $247 billion in just one year after the Bush tax cuts, the largest increase ever.
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