FOR IMMEDIATE RELEASE: May 17, 2007
CONTACT: Geoff Embler or Jamie Loftus
Sen. Hutchison Votes Against Record Tax Increases
Despite record tax receipts, Senate passes tax hikes as we mark 4th anniversary of 2003 tax relief
WASHINGTON -- Senator Kay Bailey Hutchison (R-TX), Chairman of the Senate Republican Policy Committee, today voted to defend working Americans against passage of an historic $736 billion tax increase on families, businesses and seniors over five years.
“Working Americans must be protected against record tax increases that would have a significant impact on their daily lives and their wallets. This budget fails to extend vital tax cuts that have fueled our growing economy, and instead paves the way for unrestrained spending. This month we mark the fourth anniversary of the historic 2003 tax cuts that have produced unprecedented job creation and record tax revenue. We must keep these incentives to build, invest and save instead of replacing them with the steepest tax hikes in history,” Sen. Hutchison said.
American families face tax increases because the budget does not extend most of the 2001 and 2003 tax relief provisions that have boosted investment and created 7.9 million jobs. Further, the budget raids the Social Security Trust Fund and increases the gross national debt by $2.5 trillion over five years. “Despite the substantial flaws in this bill, I am pleased that it also includes my provision to make the state sales tax deduction permanent. The ability for Texans to deduct their state sales taxes is a simple matter of fairness,” Sen. Hutchison said.
The Fiscal Year 2008 Budget Conference Report contained Sen. Hutchison’s provision to make permanent the state sales tax deduction, which expires in 2008.
Until 2004, sales taxes were not deductible. Congressman Kevin Brady (R-TX) and Sen. Hutchison worked to include this deduction in the 2004 tax relief bill. In 2006, Sen. Hutchison secured a two-year extension of the sales tax deduction, but continues to push to make this equitable deduction permanent.
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