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Issues
Taxes
When President Bush was elected in 2000, he inherited an economy teetering on recession — one made worse by the terrorist attacks of 9/11. By enacting tax relief that lets Americans keep more of their hard-earned money, we’ve put our economy back on the path to growth. The tax cuts contained in the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Working Families Tax Relief Act of 2004 have helped to create one of the most robust economies in American history.
We have cut the income tax, the capital gains tax, the dividend tax, the death tax, abolished the marriage penalty tax and recently enacted legislation to shield middle-class taxpayers from the alternative minimum tax. The national economy has grown for 18 straight quarters, nearly 5 percent in the first quarter of 2006. More than 5 million jobs have been created since 2003. Layoffs are down. Productivity and personal incomes are up. Unemployment is below the averages of the 1960s, 1970’s, 1980’s and 1990’s.
The tax cuts have been especially beneficial for New Yorkers. Billions that would have otherwise gone to Washington have remained in the hands of New York taxpayers-money that has been used to pay bills, purchase consumer goods, invest in stocks and to make capital investments in small businesses. It is one of the reasons that New York State’s economy continues to grow despite its high state and local tax burden.
These federal tax relief measures have made a big difference — but without further action, Americans face another tax hike in the coming years. Many of the historic tax relief measures we passed in recent years are set to expire in 2010. Without a strong commitment to making these tax reductions permanent, New Yorkers already too-high tax burden will further increase. I strongly supported the tax relief measures we’ve enacted, and will continue working to make sure higher federal taxes from the past are not resurrected.
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