FOR IMMEDIATE RELEASE: July 19, 2007
CONTACT: Geoff Embler or Matt Mackowiak
Sen. Hutchison: “Now is the Time to Make the Tax Cuts Permanent”
Economy Displays Strength with Dow Closing above 14,000 for First Time
WASHINGTON -- U.S. Senator Kay Bailey Hutchison (R-TX), Chairman of the Senate Republican Policy Committee (RPC), today urged Congress to make permanent the Bush tax cuts of 2001 and 2003 as the Dow Jones industrial average closed above 14,000 for the first time in its history at 14,000.41.
“With the economy showing great strength across the country, Congress must act to extend the tax cuts and not jeopardize the growth we are seeing,” said Sen. Hutchison. “Tax relief has helped create jobs, strengthened our economy and kept more money in the hands of hard working Americans.”
Today the Dow Jones industrial average closed above 14,000 for the first time and the national unemployment rate of 4.5% is lower than the averages of the last four decades. Last week the White House announced the nation’s federal budget deficit is 15% lower this year ($205 billion) than was estimated in February 2007 ($244 billion) and half the estimated $413 billion in 2004.
The tax cuts are set to expire at the end of 2010. Since they were fully implemented in 2003, the economy has created 8.2 million jobs and the longest period of uninterrupted job growth since June 1990.
“Cutting taxes has actually increased tax receipts more than 37% in the last three years,” said Sen. Hutchison. “We should deliver tax certainty for individuals and small businesses by making the tax cuts permanent and rejecting a massive tax increase.”
As Chairman of the RPC, Sen. Hutchison chaired a roundtable discussion in New York City on capital markets competitiveness on May 21, 2007. Participants included Treasury Under Secretary for Domestic Finance Robert Steel, former Commerce Secretary Don Evans, Columbia Business School Dean R. Glenn Hubbard and former Sen. Don Nickles (R-OK), among others.
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